I live in a very expensive market (Seattle, WA) and I am looking to invest out of State.

Hey @Dan WardWould love to give you some advice , those are my primary markets as an investor and agent helping others. 

It requires no money upfront, so you will join thousands of others trying to do the same in your market.

I do however keep my a little below market value so I get a bigger tenant pool.

@Craig Holland Land is often sold with owner financing, in part because buyers have a hard time financing it, and in part because buyers often only need a short time before they can build on the land and refinance out of the seller loan. 

Make sure to factor in insurance (slight change as rental), property tax (in our market is 2x a primary res), vacancy (3-5% in most markets), capex (old roof?)

I did market analysis to find the right rental rate.

Thank you Lauren,  Yes, Pad split is already in this market so I think Im good.   

The markets have changed quickly, and what worked 5 years ago may differ significantly from what will drive success today.

Congratulations @David Shaun - those are awesome numbers, and should hold up with the low liabilities, regardless of market.