I guess it depends on your goals and time horizon and how much leverage you want.

The time horizon allows you some mistakes in your purchase, but if you live in it, you may be more inclined to spend a bit more money.Get an idea from the owner the types of repairs he is willing to do.  

You might have to expand your horizon to secondary markets in the Pacific NW.

This is EXACTLY what happened to many in 2009, they always thought they had plenty of time on the horizon. 

And how do you feel about instant bookings on the horizon?

I think in 20-yr horizons, though.  

Being in your 20s, you may want more appreciation opportunities and shorter time horizons like fix n flips.  

its definitely for someone with a long term time horizon unless you bought for cheap whether that be through a good deal or the right time.  

My wife and I have thought about venturing into the world of real estate investing for a couple of years now but have been reluctant to pull the trigger  (hard to justify risking your savings with three kids and college on the horizon).

No reference about where they are, what they have, time horizon...