The truth is the Wenatchee Valley is two cities and two counties and the current population is over 100,000.The unemployment numbers also look high averaging around 6% The reason for this is our median age of 40.3 as reported by the Eastern Washington University economics department.

Average rent in the area is ~3100.

Example with conventional I have 20% down, if the refi requires 30% to stay in then the extra 10% is limiting.Rents in the areas I am looking come in on average $2000 mo. for a place costing $250k.

I talked with a property manager who handles properties in that area and she warned me that the typical time to rent was 2 to 3 months and the average length of stay was less than one year.

You need to factor the cost of refinance (average $7K which may change depending upon the price of your home)

What are the average cap rates for Reno single family rentals?

Is that typical for your market or below average?  

Too big for the average Joe investor and too small for the big boys to scoop up. 

A 6-7% vacancy rate might look tempting, but it’s important to keep an eye on any new developments, like Build-To-Rent apartments, that could pop up in the neighborhood.There’s also some research* out there showing that average vacancy rates across Metropolitan Statistical Areas (MSAs) have ranged from 17% to 10% in the past (95-17).

The market rent puts all three together at approximately $2900 monthly.Now here are the details and costs behind the acquisition:Property taxes: $5000 yearlyInsurance estimate for all three: $3,300 yearlyC-class properties (not best location, their condition is about average - older properties)Purchase price: $250,000k$15k down and $235k seller financed at 6% interest for 30 years. 5-year PPP.