Cash flow is better in the city limits, but then you have to deal with the city and the tenants and limited future appreciation, and limited future buyers.

Limited Inventory. 

Its a basement apartment in a 1958 built triplex. natural light is limited. walls are light gray and trim is white. floor is concrete and a darker grey.

So my equity is even better than the 75%, but they used the lower comp of $150k to base my re-fi limit on which is perfectly fine with me.

This community is a great place to learn and has many like-minded individuals who have a wealth of knowledge from all walks of Real Estate.Investing within Seattle City limits can be challenging, for the reasons you've mentioned in your post. 

My opinion can come with grains of salt, but it's because of one thing or another or where they are limited, but you won't see that until actually doing a deal with them (whoever it is). 

The time limit varies from state to state.

There are some limitations on use if they want to depreciate and take expenses against rental. 

The property will cash flow like crazy due to limited inventory in the area, good rents, and no costs for initial purchase price or annual property taxes.

Hope that helps add to the undersratnding of some of the additional things that need to be considered when choosing coverage limits.