That is a broad question and based on many factors on both the property and the market. 

An article that I found worthwhile which may be of interest to some and I haven't seen picked up broadly yet comes from UCLA Anderson and is entitled "Single-Family Rental Returns: What Drives Investor Return?"

The Franchise Tax Board (CA's state tax agency) takes a broad view of what constitutes "doing business" in CA. 

Nobody can ever answer this question for a broad audience.

That being said, I think in general we can paint broad strokes of what Portland will look like. 

You will need to make an array of lot costs and land values to see best location to drop this house.

Most if not all states with a broad-based income tax, including California, conform to federal law with respect to the home sale gain exclusion.

The real estate "news" doesn't help much in my opinion, because they focus far too broadly with median home prices etc. what I think you are looking for is what is realistic to achieve in various markets, and unfortunately there is no consistent guide that I have found anywhere to explain this. 

Historically on a broad basis for multifamily over many decades rent growth is about 1 to 2%, opex 50%, and vacancy 10%.

@Ted Strzelecki Excellent job with the broad brush, smearing an entire industry.