The resale value of rental property in this scenario gets absolutely crushed because the vast majority of buyers exit the market.These scenarios are particularly germane to California rental real estate that doesn't cash flow at its current value. 

IMO, Breckenridge has it all of you want access to a vast trail system (all seasons/sports), recreation paths, events, and a walkable/bikeable lifestyle downtown.

I can look in two different towns and what $300K will buy are vastly different. 

My wife and I absolutely love Hawaii (although we are from GA (-: ) and think that -- now that Oahu, Maui, and Kauai are essentially maxed out or unaffordable for the vast majority -- people will be flocking to the Big Island in the near and distant future.

Neither of these is an option in your typical condo (as the vast majority of condos in our market are 2 bed, 1-2 bath units).Have you looked into the Washington State Housing Finance Commission downpayment assistance programs?

I don't currently own an investment property myself but I do have vast knowledge on investing.

I know I will have to adjust my strategy for this market as it is vastly different than the northeastern market my partner and I are currently targeting.

The vast majority of lawsuits against Landlords are for wrongful eviction, security deposit disputes, and Fair Housing Violations.

Borrowers have been experiencing the Horrendous and Crippling effects of Over Regulation Nation via the Dodd Frank Act, just ask anyone who has closed or tried to close on a loan over the past years.Even though some banks are now starting to look at 1-4 units, if purchased in the name of an LLC for Business Use Only (i.e. 12 month of more rental), as Commercial (not subject to Dodd Frank Act), the vast majority of Banks do not and are implementing very strict lending guidelines on 1-4 units.Therefore, from a "Borrowing" side and if you need flexibility, you may want to stick with 5 units or more.Investors have loan options at 75% LTVs or higher CLTVs in the upper 4% range with 30yr amortizations on these type of Commercial properties.Hope this helps.

@Jacob Sampson makes an interesting statement: "Obviously 100% of PM's aren't bad but when the vast majority of investors feel a certain way there is probably a reason."