The penalties are just too high. 

In high barrier markets, rents have gotten stronger but not the double digit growth we had seen, which was an anomaly.  

Having toured some of the most prestigious, expensive and historic estates and properties from Brookings to Astoria, there is still considerable investment opportunity at the very high end of the luxury market.

Op ex ratio may end up being more like 45% or perhaps 40% with newer high quality construction.

It will be highly dependent on the district and licensing.

If you have a high 7 rate then it might be beneficial in the long run to pay it down if you don't want to put it in a 4% savings account or CD.  

The issue is our land value is high, so the structure value is low compared to the overall property cost. 

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Just be sure they have a strong plan in place to market your properties quickly and that you thoroughly vet their tenant screening process to ensure minimal vacancy and high-quality tenants.Ultimately, finding the right PM should make your life easier, not harder.

Past performance is no indication of future returns.EDIT - Ok so I just did a quick scan of the greater Tacoma area and right now you valuation seems high at 1.4m.