Clean water, air, peace and sunshine are nature's remedies and in over-abundance on the Oregon Coast. 

In Reno and metro areas, insurance companies primarily focus on roofs, the age of the building, wiring updates, and water pipes, as mentioned @Cameron Moore.

How long will you go without hot water before withholding rent, calling the city or just moving out?

If you can manage to keep up with the real estate market in these markets that we have come to hit, and still be able to navigate the unchartered waters.

Now the water issue is something.

OP, keep in mind not having access to heating and sharing same water heater and etc will require an easygoing tenant in the nextgen.

water heater? 

However, I think some upcoming life changes may be the right opportunity for me to dip my toes in the water in real estate investing.I live in Pflugerville, TX (25 minutes from downtown Austin) and will soon be moving to Portland, OR, for my dream job.

Like deferred maintenance, (bad roof, worn out water heater/AC Unit, warped flooring, water damage) etc, unpaid utilities,  unpaid taxes, a second loan, unpaid HOA fees, a bad pool, bad reputation, sometimes squatters, sometimes they were drug houses, and so on.

Primarily desert washes, but also near a creek....So I would go knock on doors and ask neighbors when it has flooded and what they think about the area......maybe call the County water board and ask then what has happened there in the past.