I would do it as long as the income is right and stable and she seems like she wants to improve , maybe a additional deposit 

I prefer to buy when unemployment is high, and just ready to improve.

A 7 cap is absurdly low for Lansingburgh, that area is one of the sketchiest in the capital region, half the houses are boarded up, theres a TON of rental inventory on the market because even low income renters are fleeing the drug violence.  

I really want to improve myself and your idea is a huge step in the right direction . one more point you mentioned which I consider an eye opener is how selling a house could be frightening , I never sold my a house of mine , therefore , I never thought of it .  

I like to determine how old the major capital improvements are and how much life they have left.

However, there may be some good opportunities in spec builds (especially under $300K) given the extreme inventory shortage of SFRs we currently have along with a good supply of vacant land/undeveloped lots in the surrounding areas.Also, check out the CRIEA club if you haven't already.  

I agree it's good to have one, I just don't have time to cut into the wall right now and was hoping I could delay this improvement.

We have put a lot of time and money into improving it.  

I'm considering raising rents again this summer once all those improvements are done.I figured this was a 2-3 year project to get the building stablized and that's about what it's going to end up being. 

But I do know that if I do choose to go out of state, I better known darn well why I'm not investing in Tacoma.Another piece of this... is that all the homes I"m finding locally that fit the numbers to produce cashflow (and there aren't many really, inventory is somewhat low), all need some work, or some substantial work.