Not sure what you think you want, but, this is a fairly basic list.  

There is very little correlation with home appreciation, rental rate increases and whether the numbers make sense or not as a rental.Ultimately, there are too many additional factors that play a part as to whether something is a deal as a rental or not.

@Bryan Dorsey I think the 2% rule is a myth unless you want to play in class D neighborhoods. 

@Brent CoombsThese deals are fairly rare but its a very stable smaller community with great schools.

Let me know what you find out, I am based out of Utah and I am just beginning to learn about the different things available as well as still fairly new to all of this.

It was a fairly easy and quick process to get the license (a few months).

I know the smart answer, but the SFR plays to my "I wanna own a house and live in it" side.

I spent 30+ years in Washington State and have had some involvement with DSHS (although not with housing).My advice to you: 1) Everything the state does takes three times as long as it should and three times as much paperwork as it should.  2)  You will probably have to attend some indoctrination -- I mean class -- either on-line or in person.  3) Your tenant will be endlessly "educated" on their rights and will have free legal representation. 4 ) Just when you think you know the rules and try to play by them, an administrator will come up with an "ETR" -- Exception to Rule. 

I see an opportunity to buy land which is relatively inexpensive in the big city markets, build something and make a fairly good profit margin (30% to 50% if not more than I put into it).

@Ramon PurifoyIn general a lot of retail agents get upset fairly easily.