You have to address the down payment ,  ongoing costs, how to hold title and mortgage. 

When this deal was brought to me, I ran the numbers and it looked good.

@Daniel Haberkost - think you're spot on with that analysis.60% of the investor I talk to on an ongoing basis are cherry-picking their favorite advice from the last 5 years, combining it all to create a unicorn deal that exists only in their mind and nowhere else. 

But I ran some numbers and then compared with the market rent with rentOmeter, and current listings of similar properties on market... and as far as I can tell.. it's a go numberwise.

I ran the BP analysis/report, and it's telling me my NOI is $21k, and cash-on-cash ROI is 1.86%.   

CapEx is building improvements/repairs you can't expense (is take the whole cost in the same year against your income), but have to depreciate (ie a new roof you would take, I think, 1/7 the cost/year for 7 years).I don't know if I'd include these in C-C since they're not really operating (ie regular recurring expenses) and you should be taking something out for reserves to pay for these on an ongoing basis.

I don't plan on going Clark Griswald but also don't want to under deliver.  

You would have ongoing filing requirements with the State and would need to keep business records and documentation.You also want to look at whether a pass-through entity helps your bottom line and your taxes.

From the numbers I ran, I will have a taxable income.

Rent is softening with people moving away from Seattle due to COVID, ongoing protests, and a crazy city council.I think the real housing crisis in Seattle is that $1,860 is still too expensive for many.Seattle has been making large investments in rent restricted units.