In order to create enough equity to refinance out all of the investment OR MORE targeting properties that need substantial rehabs is where BRRRRs bread is buttered.

Prioritize properties with strong rental potential and set aside reserves to handle unexpected costs.Finally, familiarize yourself with tenant laws in your target market, especially in Portland, and consult a real estate-savvy CPA for tax efficiency and legal considerations.

GONE, there a target. 

The "high appreciation rates" you mention should be verified with recent data and be specific to the neighborhoods you're targeting.

The target customers are the unbanked and underbanked population, which is 30 million household in US.

Here’s our OPINION for the Metro Detroit market (use as a template for your target area!)

This is after factoring in all expenses, including taxes, insurance, vacancy, management fees, maintenance, and utilities (gas, electric, water, sewer, and garbage).Regarding cap rates, I typically target between 15-18% as a minimum for a deal to make sense.

There is a web site that lists all the section 8 housing, so people might be also be looking there. 

Quote from @Timothy Franklin: @Trevor FinnI would agree with your breakdown, but why overlook a potential to run the 91k subject-to with a targeted 6 month hold for flip or 18 month refinance?

The result is that many of the multi-family properties that targeted Section 8 were vacant and went into foreclosure.