Do you have enough of a steady income to pay the home equity in case something were to happen?

If done right, rental houses dont loose 25% in a year :-) You might no have that occasional +25% year like in stocks either, but slow and steady wins the race in my opinion. 

Will not having much steady income to point to make financing out of reach for some time or is there another approach I could take?

But, since we have a all but constant inflation, that also means a steady devaluation of each $ "in the flow".

My gas, water, and waste service come out to a steady/normal amount, but only my electricity bill skyrocketed to $312 in January for 3 tenants and is estimated to be $450 in February for 5 tenants.

If you're counting on steady rental income, look elsewhere. 

RAL would pretty much be steady income with minimal turnover. meaning having to deal with fixing it up for a new renter. 3 BR, 1.5 bath. finished basement which could be used as a BR.

Steady rent and quality tenants are important, so that’s what I was trying to figure out by asking about best neighborhoods.

The demand should be steady for the next 4-5 years.

Welcome Melissa, Good to hear you are enjoying the Palm Springs of Washington state, without the 110° temperatures.