.- If rates continue to go up and the "era of historically low rates" is indeed at an end, you will be glad you locked in what you did, when you did. 6.5% is a historically normal interest rate, so call it 7.5% for an investment property. - If rates turn the other direction, you can look at refinancing. - If rates flatline, then it's a wash. 

If you are investing for cashflows, it looks good to me.At that price, my guess is that  it is an area where you had have historically very little price appreciation. 

But I feel like this disparity in the historical property taxes and future taxes will be a risk factor and warrant an adjustment on the purchase price. 

The last time I did this in the Heights area, we had to go through the architectural association and the historic committee.

I know market comps and historical trends based on online information (Zillow, Craigslist, Rentometer, Rentjungle), but unsure if properties would be filled quickly at the listed market ratesHow to measure demand for single family house leases vs apartment unit leases?

@Caleb Heimsoth I don't consider it an over statement based on historical data.

Here are my thoughts:  Current capitalization rates tend to be below the historical average. 

I compute valuation metrics for various states/counties in my data analytics LLC, as well as for multifamily investment out of state.As of Q1 2020 data it looks as follows: while Washington state is among just 8 overvalued states nationwide (>10% overvalued based on deviation from historical price-income relationship), King County (Seattle-containing) was the least overvalued at ~2% valuation. 

There are newer 4bed homes under $500k and maybe even under $450k to be if you're comfortable living in the more blue collar parts of the city as well as some larger historic homes that could be easily be converted into 4 or 5 bedroom houses if you're comfortable buying a home that needs some renovation.

@Robin Ji it is definitely possible, historically speaking, to buy and hold in your market, but it is going to be pretty tough currently to make sense of anything.