. $360k equity (based on your estimated loan balance and estimated transaction costs if you sold, this is not calculating capital gains taxes but that would reduce your equity down to about $310k if you sold without doing a 1031 exchange). $8k cash flow (this will increase over time because you are in an appreciation market). $6k principal pay down (based on your current loan). $20k appreciation (based on 3% which is conservative, 4-5% is the historical average).

If it’s a good deal based on the comps, and in a good location, then I’d look into a conventional loan and maybe putting a little more down so that it cash flows.

The assessor has to assess it based on other similar properties with their SEV.

Some of the other lenders mentioned in this thread are more so private lenders / hard money lenders and while they may underwrite based on DSCR, I don't think it is the DSCR loan you are looking for.

I’m based in Portland, Oregon, where residential investing seems challenging due to landlord-unfriendly policies and negative cash flow on higher-quality properties.

PM me you're number if you'd like.I don't have any "opportunities" or property for sale or rent at this time or anything else to offer other than info based on my experience.

I think in this instance it would be better to do one investor per deal rather than doing it as a fund and hypothecate each deal as it comes along. 

One I know is based in LA as that's a huge market of course..

If you get 100% of the purchase price covered then you should have sufficient funds for the closing costs based on what you're saying. 

while i do think it's valuable to analyze properties, it's really difficult to underwrite based on photos.