No normal numbers like a cap of 7 make me want to buy a tough tenant class, but that's just me.   

If the NOI numbers are to be believed ($51k/year), it is selling at a cap rate of 2.2.I quickly looked at rentometer.com, and it suggests that average rents for a 2 bedroom unit is $1600+/month.Is this a really good potential opportunity (especially in the Seattle area) to fix it up a bit (if needed), raise rents, season it for a while, and sell?

I used to use Geico for Umbrella but they have a cap on how many properties they will cover. 

It should still give you a cap rate, and cash on cash return which should be about the same.

Every investment property for sale in my area has a cap rate of 4% or less.

We've had several years of pretty rapid appreciation and now interest rates are up, there's a lower limit on mortgage interest deductions, and a cap on SALT deductions.

What I’m concerned about - Property taxes - Given that Im going to be out of state for atleast a few years, I understand that there isnt a cap on the property taxes.

Oregon state wide rent control law, first in the nation…discusshttps://www.housingwire.com/articles/48325-oregon-enacts-nations-first-statewide-rent-control-lawhttps://www.cbsnews.com/news/oregon-rent-control-law-puts-a-cap-on-massive-rent-increases/

You can use a cap rate on any property. 

That's why  commercial property is priced on a cap rate, assuming it has no debt.