It is poor business management based on being a lazy landlord.This thinking is false economy built on avoiding having to manage your property.

We have been in a stable and growing economy for a while, a downturn is very likely, which will definitely lead to rates stabilizing.  

More units do lower your risk and will help you achieve economies of scale sooner.

We lost a lot of our tradespeople to other industries when the economy went to poop, and they haven't all come back yet. 

Now we stick to multi-family because of the economies of scale and ability to force appreciation through value adds and rent increases. 

And that's if economy is hot, if it's not they'll cut. 

I figured I'd give house-hacking a residential duplex/triplex a try first to get my feet on the ground before tackling something bigger (though definitely want to go for bigger properties eventually, economies of scale make it more profitable I'd think)

Aside from that, my reasons for choosing Charlotte were that :It has a strong economy with a variety of industries & a growing tech sceneThe avg rent-to-income in Charlotte is around 27%, which makes it pretty affordable for tenantsThe rent to home price ratio was relatively high (2% rule, though it looks like it may need to be more of a 1% rule, as with other places)It's generally safe, with crime trending downward over the last 10 yrsNet inbound migration was highHome appreciation was up, but not ridiculously so like some other markets (like my home state in CO)It's near to several other potentially attractive markets if Charlotte _didn't_ work out for us, like Raleigh, Nashville.All these factors lead me to believe Charlotte is going to be a good place to acquire buy & hold rental properties and try my hand at a new business.

I do agree that the economy is doing very well in Seattle and there is a thriving tech industry that keeps growing every year.  

I am much better when I earn my money in a high growth area/job, and invest it in a consistently growing area, a predictable lateral moving and well diversified economy.