That is the Portland,OR story.WEst coast tends to start off negative or neutral generally then rents rise and the next thing you know your positive as long as you dont massively increase your debt.. and then the prices rise now you have a true IRR investment that will eclipse the cash flow today and no appreciation tomorrow investments most every time. 

So would it be better to put a 30 year refi in and plan on selling for the equity in 20 years or would it be better to stick a 15 year on it and wait for the rent to catch up to the mortgage in about 3-5 years to go neutral and cover expenses?

Costs:loan: $3100Tax: $800Insurance:  ~$150Cap expense: 3 * $250 = $750Maintenance: $250Vacancy: 5% of $2000 * 3 = $300 (this is very conservative compared to what I actually have)Misc: $100 (this unit does not require a gardener but I am unsure of how laundry room is powered and other utilities)Total: $5400Rents: $6KLaundry room: $150Total: $6.15KSelf managed cash flow: $750Note with property management at 10% it would be virtually cash neutral ($150 positive cash flow).Note I have less than 5% vacancy. 

But it sounds like the color scheme you have is neutral enough that you should be okay.If you plan to stay in the house until you sell and don't have any pressing need to move elsewhere, holding costs may be less of a concern to you, but days on market still should be.

The sample property you gave is negative cash flow once, or maybe cash flow neutral under absolute best case scenario, once you add in realistic PM and CapEx fees.

I think that it was a "risky" choice as I usually use lighter, neutral colors..

Also if you purchased the home on the California Residential Purchase Agreement then most likely you signed Pg8 Section 22 Item B which is the Arbitration clause which means you will need a neutral party to mediate the issue.However I agree with @Scott Carder if the repair is not very expensive 1k to 2k it might be easier and less stressful to just fix it and let it go.

Would welcome comments from fellow BP members.National EconomyWe think that a quote from Business Wire summarizes the national economy fairly well.Economic Growth Stuck In Neutral – The U.S. economy seems unable to break out of its disappointing pace of growth that has kept real GDP growth range bound between 2.0% and 2.5%, below the historical pace achieved during previous recoveries.

I'd be looking as close to family as I could that also has the following:An area with no storms with names,  floods, earthquakes, tornadoes or other disaster events, mild winters, low property and income tax with landlord friendly to neutral policies.And of course good affordability rent/value ratio in at least a c+ neighborhood.Welcome to BP. 

Choose neutral colors that will appeal to a wide range of tenants.Upgrade lighting: Replacing outdated light fixtures with modern, energy-efficient options can not only improve the aesthetic of your rental, but it can also save your tenants money on their energy bills.Update kitchen and bathroom hardware: Swapping out old faucets, handles, and drawer pulls for newer, stylish options can make a big impact in these high-use areas.