How are you going to manage the place and can you be certain you will be able to get the tenants out in 2-3 years with the current laws in WA?

Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice.

They will have some tenant rights in WA state they have 60 days with no lease if they were a tenant.Get the attorney going also find out how far out eviction hearings are be booked. 

The houses in this area are going for 350 plus 3 room and 2.5 bathroom with 1400 square feet

Most lenders wont lend with out title insurance and time to underwrite, so wo t loan on auctions.This is the market I work in in  WA state, best of luck and don't go over your $ number! 

In Washington State, where I am, when you go to M2M on a lease you cannot then terminate that lease without just cause. 

Utilities (WA state) have figured out its easier to squeeze the owner than chase down a deadbeat. 

@Nathan G.Good question. 12,500sf: I have found that that is the min number of square footage where you can automate a facility and still achieve close to maximum efficiency with expense ratio.

WA, OR, UT, NV, ID, NM, AZ, TX.

It would be great if progressive views/laws on reducing minimum square footage (residential/single family on foundation) were indeed the case in Indiana, and will to catch on (re-evaluating minimum size of homes) elsewhere.