This property was in rough shape, so I tackled the essentials: new roof, plumbing fixes, and updating the interior to make it livable again.

It is still viable if you pair it with other strategies.

Sounds like you’re in a strong financial position, and it’s clear you’ve put a lot of thought into your strategy. 

@Garry LawrenceDevin Moreno has a bunch of videos on rent-by-the-room strategy in Baltimore on hisYoutube channel.

A strong agent who invests can help analyze deals, run comps, get rents, help you explore multiple investing strategies, strategize offers and negotiate best prices/concessions/ repairs. 

Often times investors will plan seller financing strategies before asking the owner if its even on the table. 

Consider different strategies like mid and short term rentals as I believe the Portland area would allow for success in both (although I have heard Portland proper is tough on STRs).Best of luck!

He's essentially lost $150K.Run the numbers if he was renting it for 5 years (minus mortgage, property taxes, repairs, etc). 

Have you considered other starting strategies like house hacking or live-in flips?

Definitely focusing on offmarket or even on market multifamily homes (minimum 4 units). started off in real estate development last 2 years but the paydays are brutal building then waiting to sell.So now looking to switch up strategies to purchase cashflowing properties and then get back to ground up construction or even possible fix and flips.