Save yourself time and money, understand how to properly value a deal (which includes assessing the risk as well), keep it simple in the beginning. 

All of our properties are fully renovated, including upgraded electrical, plumbing, water and heat, to ensure low cost on future maintenance.

It appears the units are below market, however with some cosmetic repairs and perhaps some capex's I feel I could increase the rent by at minimum (based on local comps) 68%.I would offer 85% of list and estimated $20,000 in repairs/upgrades (this is probably a generous estimate - the property appears to be in good shape, basically needs a face lift).With all these figures, including the 50% rule, financing with 20% down @ 3.5%, I come out to a profit of $262 per unit and a cash-on-cash return of 9.53%.So, does this seems reasonable?

I have been into the construction business since I was 17 including those college years.Remember that marketing and sales ability are very important.  

And I completely agree in regards to the deal being a little on the thin side, however, if I'm only coming out of pocket approx $24k, (including the 3 points) and can make $10-20K, (hopefully in 6 months), I'm ok with that.  

I also look at straight ROI - as this includes debt servicing whereas the Cap Rate does not.  

I didn't include as many investors feel that a new home would have no CapEx for a while (not necessarily true).  

I have ties to these areas and plan to live or visit often in these 3 areas (including my current area of Seattle).

This is something I plan to do myself when I start renting, plus including an overlay showing from which angle each listing photo was taken.Also one inside one of the kitchen cabinets to help illustrate what size the furnace filter is, what type of battery the garage door open, thermostat, and whatever else takes, where the water shut off valves are, etc.

A non-owner of the real property can not do anything with the real property including sell or mortgage since they do not have a legal interest in the real property.