That seems low with the 5 units and storage you mentioned unless they are 1 bed units. 

No reserves, Income may be good, credit on the low side and NO Equity in the home.  

It possible that the market will stay low for a long time.

The biggest employer shut down about a year ago and 3  hurricanes (2 major) hit directly in the last year.

With a purchase price of $250k, your rent is WAY too low!

TBH ink of all the large builders who could take advantage of this as well as people buying homes and being fraudulent with saying they are owner occupied.I am not a fan if tinkering with the real estate market, let it take its natural course which is slow moving but like anything it always moves to a normi also don't view it as interest rate jail I view it as interest rate heaven because those who have the low rates are in utopia compared to others and they don't want to leave a good thing. 

Is it possible to buy a property in Seattle low enough to get 1%, yes.

You should be able to go as low as 10-15% down payment with your experience.Ground up Financing: Most "ground up" financing options require a bit of experience - 3-5 exists (rehabbed & sold or rehabbed & refinanced in the last 3 years).

You could also list low and if the demand is really there, could get bid up.

Spacious common areas and a quiet neighborhood.I’m drawn to this tenant group because traveling nurses often make great renters—employed, responsible, and in need of temporary housing.