$31k after tax annual income - $11k rent = $20k or $1,600 per month net income left to cover all other expenses (utilities, cars, insurance, groceries, kids, activities, etc.).Median household income for 38128 is $41k or $36k after tax

Personally I like to build with cash to avoid the extra expenses, so I dont actually finance anything until its done and I have decided to hold it.

They told me the agreement was unfair and that I would never be able to truly grow while giving away 50% of my profits AND paying all the expenses.

I have a few brand new homes popping out of the ground in Canby Oregon.. msut of Portland proper is very old the new builds tend to be skinnies or expensive . 

You have to buy right, know where the market is headed, know ALL of your expenses and know what your various "outs" are before you commit to a property or you will lose your shirt.  

Quote from @Travis Smith: Age 56 and retiring from farming and I’ve been very good at avoiding income taxes with depreciation and business expenses.  

They are too much of a gimmick and most tenants prefer to have the bottom-line expenses.

While I do take into consideration all the relevant expenses when I vet a property I still like to see at least $200/door cash flow so I can more easily build up my reserves and have some money to work with.  

It's not your fault that the tenant has to vacate, so the tenant should have insurance to protect them against any additional expenses.

As far as studios go, 280K is a low price, but without knowing the expenses and the rent you can expect there, its tough to say if the deal is good or not.