I agree SFH are more risky for investors based on your two points, but we are in a prolonged SFH shortage, and homes are the gold standard of rentals so only the best creditworthy people should be renting them. 

In portland there is such a shortage of housing your tenant base is really pretty strong..  

Water shortages on the Oregon Coast! 

The headlines say that California passed rent control to ease the shortage of affordable housing.

Current vacancy levels are well below historical levels and much of that vacancy is high cost homes and vacation homes that were never going to be in the rental pool.There is no shortage of highly qualified applicants to rent the existing pool of units.

For example, in Phoenix, we have a supply shortage in the lower end and long-term rentals in this space and can be rented out quickly within a month. 

@Brett MurdockMoving forward I’m targeting stuff at 1.3% + Typically there is plenty of that available in Tulsa - pre inventory 2020 shortages.

I haven't heard of any vacancy issues since there is a rental shortage.

I want to hear your thoughts on the water shortage in AZ (Phoenix area) and what you think it means for investors?

We could see some shortages in by April or Ma.