Yeah this approach can work with rentals in the 1% range.

@Cheryl A Perna- thanks ...the proeprty will need to be a condo as there are no SFRs in the downtown area you mention ...condo market in seattle  is  much softer  than the  SFR market right now ...its a buyers  market with many units for sale ...the price ranges are still high and if you want to try to break even with renting it part time - it may be tough to do   especially  when factoring HOA dues into it  . 

In LA, it can range from 90k-180k depending on who you ask for a ground up ADU.

If you do plan to flip in that price range you're going to need an intimate knowledge of the area, demand drivers, and how to remodel these older homes efficiently. 

With the 600 taken it out it generally says in the 200k range at the end of the year.

An example would be buying a SFR house in a Class B area for 230-250K that is renting for 1600-1800 range, those are not home run numbers but with low property taxes these are still better deals than what you find in other places.All the best in your search!

I'd try to stay to the smaller homes somewhere in the range of 1500sqft or less. 

It will likely be in the 7-9% range for an investment property. 

When buying my first property, what price range would you recommend? 

I'm hunting down pre-foreclosures to flip (my backyard is in the $250k-$450k+ range), and then putting that cash in a neighborhood in southern CO with lower property values that cash flow.