But a house that old is likely to need something over your 10 year horizon.

In all seriousness, all of metro PDX has been great the last few years, glad I’ve invested and looking for new opportunity even with macro Fed induced clouds appearing on the horizon.

I am from Michigan so I understand the dynamics of the Midwest and just can't justify encouraging a long-term investor from Florida to invest in Ohio if they have a 30+ year investment time horizon.

Some thoughts:- attracting better tenants through more attractive housing- longer-term, sticky tenants because of SFH (multi-family is much more challenging)- tax benefits from those with a W2- easier to manage slightly smaller projects without a sell horizon

If a flexible time horizon is required then yes, hard money is probably not a great fit.

But if planned for over a long horizon, the money invested up front will pay off. 

So it all depends on your tolerance for dealing with tenants, on your time horizon and on the plan for the property.

We try to keep things close to FHA-loanable to hedge risk in the event of a market downturn so that we could trim margins and still unload inventory to the largest possible buyer pool.For our rentals I like to try to get at least 15% inclusive of principal pay-down, equity, and cash flow (ignoring tax shields) given a targeted long time horizon. 20% would be a better target for a 5-year hold that we were trying to reposition and exit more quickly.

I purchased a tenanted SFR in South Summerlin (near Desert Inn and Hualapai) for cash back in summer 2018 - mostly an appreciation play with a 5-7 year horizon. 

What is your investment horizon, effort expectations, level of risk, etc.Once yuo know who you are as an investor, the rest comes naturally.