The resale value of new construction in these areas over inflates the minimum cost of entry point because a distressed house in that area is now worth what the land is worth because they'll knock down and build new.

Make sure your rent income evaluation is spot on and not inflated. $10k for repairs sounds light.

In addition you need to take into account inflation which is historically 3% regardless o what population growth does.

Vacation rental may not be the best investment for your 401k, and because you can't manage it yourself should you live your money in the mercy of the stock market or in the money market account losing it's purchasing power to inflation?

The median net worth of homeowners surged by an inflation-adjusted 15 percent from 2013 to 2016, according to the Fed, while renters actually became poorer over that time."

The median net worth of homeowners surged by an inflation-adjusted 15 percent from 2013 to 2016, according to the Fed, while renters actually became poorer over that time." 

They are aiming for 15% and because of inflation have in many cases surpassed that figure.

People are not able to get lending.3 sentiment fuelling itself4 gov limiting forgien investment.( Particular China.That's has caused a current drop in prices 7 - 10%The thing is amazing as it's very controlled to watch.Our inflation is lower than target rate of 3% now hovering at 2.5%.Our cash rate is historically low at 1.5% .The RBA trying to stimulate growth.Unemployment rate at 5ish %.Population growth is ridiculous.We are going through a slowdown in the housing market at the moment.The economic fundamentals interesting to watch.Plus the audience dollar is good hedge to the global situation.Culture of Australia is that everyone what's to own there own home. 

RC seems to me to be counterproductive in the long run but perhaps in the short run (speaking very specifically to Portland now) a RC which caps rent at 7% + inflation isn't the worst thing that could happen. 

The strongest arguments suggest that rent control produces unintended consequences of making housing stock more scarce in the long run.The Oregon law allows a 7% annual increase, plus inflation.