The time taken to do so has outweighed the cost benefits.

It takes a special kind of person to be this opportunistic and it is highly unlikely that the benefits from installing non-coin operated laundry in an apartment (better quality tenant) will not outweigh the drawbacks (marginally higher water bill).You could include a clause about excessive water bill charges being divided among tenants, you could turn your apartment into a rent-a-center (not disputing that this could be/has been very profitable for Wesley), or you could look into sub-metering the units - but all of this seems a little unnecessary and could come off as predatory to a prospective tenant.I would personally be a little turned off if a landlord offered to rent me a washer or dryer.I have seen one or two properties that have been sub-metered, I don’t think that would raise any red flags with potential tenants. 

Long term impact of bad selection now might outweigh the loss of revenues for an additional 30-60 days holding out for 'best' applicant. 

If you can find a great deal in Portland that outweighs the risk of the crazy laws, then it might be worth it. 

Many investors ultimately decide that the benefits of conventional financing terms outweigh the liability risks (which are mitigated by liability insurance). 

And typically that outweighs the little bit of extra cash flow you would get over a 10 year snapshot.Best of luck on the research and happy investing! 

The appreciation you'll get in Southern California will vastly outweigh the cashflow you'd get in a lower cost market.

Question: are the benefits of getting in for 5% down outweighed by the larger mortgage payments and cost of mortgage insurance?

So long as the majority decides to sell, it will out weigh the minority in this case. 

Overall the pros heavily outweighs the cons.