Vacation properties can be management-intensive.  

If there's some way to compel the Seller to give you what you need to make you whole, whether it's access-- or an Easement-- or a boundary line adjustment around structure-- or a boundary line adjustment around structure PLUS setback--  and/or all of the aforementioned plus enough land to make it a legal lot on its own (e.g., if the acreage is shy from the zoning requirement in the neighborhood,) then a good lawyer will know it.  

Can't argue there, it is very cash intensive and dealing with attorneys is annoying as hell.

It can be a management intensive endeavor if you have to match up the roommates.

You can then look at Mibor and see the average sales to asking price and make some adjustments to your estimated value.

You may have a deferred maintenance (check age or roof, AC, WaterHeaters, foundation) Congrats on long term tenants, probably rent is way below market, may small nice adjustments after taking over - like $20 per year or so to keep tenants in place.

You just have to adjust your game plan to that market.  

Now I don't know how intensive the process is in Oregon, that could be a good way to have a huge head start when you do decide to start investing.

Utility InformationEnergy Source: ElectricSewer Connected Financial InformationCash OutAnnual Taxes: $8,773Tax Year: 2014Cap Rate (NOI/LP): 7.57Gross Rent Multiplier: 6Total Monthly Income: $8,870Gross Scheduled Income: $106,440Gross Adjusted Income: $95,796Net Operating Income: $47,722Insurance Expenses: $3,400Water/Sewer/Garbage Expenses: $7,833Other Expenses: $28,068Total Expenses: $48,074Total Expenses: $48,074           

I don't plan on this being a live-in for right now, but depending on the numbers for the various properties I'm seeing, I might have to adjust that plan.You're right, the capex and repair numbers should probably warrant a closer look.Thanks for the tips!