No offense to anyone that's replied, but you should really ask this in the STR forum where people are more familiar with STR's in particular, because much of the information so far is not accurate.The good news is your estimates (275 ADR and especially 60% occupancy rate) are way low in the current market. 

@Jason Malabute here are a couple articles on the BP blog that should clear up most cap rate confusion:https://www.biggerpockets.com/...https://www.biggerpockets.com/...

all of my units have long term tenantsc) the good news is that the property values here in South King County have gone up by a fair margin over the last ten years.

Kiyosaki's stuff along with Bigger Pockets podcasts and articles.

The good news is the provisions that targeted self-directed IRAs (section 138312 and 138314) are out of the bill.

For example: a high cash-on-cash ratio is usually good news.

According to a recent USA today article we need to have 5.24 million more homes to meet current demand.

There are some pretty nice discounts on many products and services offered as Perks to BP members that you might want to check out: https://www.biggerpockets.com/perks/proIf you haven’t been to it already, the Bigger Pockets blog features links to their fantastic podcast and many great articles: https://www.biggerpockets.com/renewsblog/

Hi @Jimmy Vasquez, Also, Lon Welsh from YCRE shared this article today and I thought you would appreciate the content.

This article is full of her tips on how to successfully virtually flip and sell in a higher-end market like Colorado.