I had a few houses that lost about 30k in equity overnight in the area (had been considering selling to do a 1031 into some new builds, but that turned into a less attractive idea after the equity drop).

But we also added lease options to our model which attracted a better tenant and lessened the the amount of work that it took to manage the lease option properties.So I would encourage you consider investing in your own back yard before going out of state, especially if you live in North Carolina. 

Spanaway, DuPont, and Yelm are areas I'd consider if you want to attract those working in Tacoma/Olympia and living further out as well.The new fast ferry from Bremerton and Kingston is making the peninsula a more viable option.

The market is saturated with STR's further from the beach and attractions, so my advice is to be picky about your location and underwrite the numbers carefully to make sure the investment will be profitable. 

They are cash flow positive and have over 1B in assets ( net is close to 350million ) I’m only thinking that the seller wanted to make it attractive to sell his building having no renewal option which can give some leverage to new owner.

A good property manager can guide you in selecting properties that will attract a tenant segment with a high concentration of reliable people.Access to cost-effective resources for renovation and repairs.Lease terms enforcement.

And a lot of start-up companies are migrating to this city as well because of the OSU campus that has thousands of talented students graduating and looking for positions locally.Everything that’s going on here in Columbus is attracting investors and other businesses from all over.

A $200,000 duplex might have identical rents in municipality “A” and municipality “B” but the property tax rates will vary, local regulations will dictate licensing requirements, labor rates will vary & the particular location will dictate insurance premiums since insurance carriers will weigh local replacement costs and whether the municipality is viewed as being a “plaintiff friendly” in arriving at insurance premiums.Better situated assets will attract better tenants.

A steady annual growth rate, diverse industries, and affordable living attract residents.

All said, drop the rate to market or slightly below (if you're in a tougher market) to attract a quality tenant, then pursue the refinance or sale as some have suggested already.