The City of Portland, and Multnomah County are more restrictive than most of the state for instance. 

Although many properties with a specific zoning code are technically eligible, they would be subject to an extensive waitlist that could last years.

It's been covered extensively. 

I would recommend planning for some unexpected costs on an extensive rehab like this, especially if the current tenant didn't treat the house well.

But we just don't know how extensive the damage is on the inside. 

The problem is that there isn't a lot out there, and when looked into each comp extensively, I saw the numbers were deflated because they were 'as-is' properties with extensive damage, or properties with a well, and other mis-matched differences.

A well connected agent can also tap into their network.. for instance, probate attorneys might know of people seeking short-term solutions.

I'm an asset-based (hard money) lender from Atlanta with an extensive 15-yr background in residential and commercial real estate looking to learn more from the BP community and how I can help those that need investment financing. 

Also, it often helps to connect with a local agent/do extensive due diligence on renovated/new construction properties to see what the property may sell for or appraise for (if doing BRRRR method) as that can impact the price you should pay.

Again, I have extensive experience over the last 10 or so years.All the best