The farther away you go from a city the more research you will need to do to determine if there is a stable rental market where you are considering purchasing.  

You need a place to live no matter what, and I can't imagine rents are very cheap in Portland, so you're usually better off at least having the benefits of a little tax writeoff and mortgage paydown while you own, plus being able to paint the walls the colors you want, etc.I'd hang tight if I were you, see if your market goes up a bit more over the next few years (which I personally believe many will, just my professional opinion,) and try to refi and dump your mortgage insurance (assuming you have it) as soon as possible.In the meantime, hang onto your $50,000, keep growing it, and wait for the right deal.

That does not include debt service, but does include taxes, insurance, advertising, lost rent to to vacancy or non-payment, legal expenses, accounting expenses, capital expenses (roofs, furnaces, etc), and property management.   

First the bad, most banks will not fund the loan nor will most home owner insurance companies approve a policy until restoration and remediation is complete.

For example if you owned your previous home, had plenty of equity, worked out a forbearance or deferment arrangement with your current mortgage company, the mortgage on the new loan was less per month than renting in your area (common in Houston) and truly have a plan for exiting the old house, as in you have the means to repair it or the equity to be able to let it go as-is and not be upside down.Or you are well within a floodplain, so you have flood insurance and you'll have a payout, maybe you've flooded before, and and it's just time to move to higher ground.

Your model is assuming $3,132 in annual expenses because that is what you have put in, some of those expenses look to be monthly amounts (taxes, insurance, mgmt fees, etc.) and that is way overstating your return. 

The only way is that if I take it subject to the potential debt and the title company cant issue title insurance with the note being released.  

Work it into the budget like you would insurance, etc.

Of course there is also insurance and taxes and maintenance (still well lower than the $1500 for stocks) but it is an asset that will appreciate (specifically where I buy) and if there is a crash I still get the rent.I do also invest in stocks using a method called Iron Condor on the S&P500 Index.

It is basically an insurance against unpaid rents.