If there are additional expenses they need to be taken into consideration such as if you are paying for water/sewer, gas or oil, trash, plowing or lawn care, HOA fees if there are any, CapEx, maintenance, vacancy, mortgage, taxes.

So I require skin in the game (average is 5% to 15%) to offset this.

I am a relatively new landlord and I’m trying to figure out the requirements if we needed to file a judgement against a tenant for excessive damages to our property.

But I think something can be done if we get creative, but may require a complete move out and new application/lease. 

I saw there was a new House Bill that came through last year (2023), and added a new subsection to RCW 59.18.280 which does mention RCW 59.18.260 about the checklist requirement for the security deposit:(4) The requirements with respect to checklists and documentation that are set forth in RCW59.18.260 and this section do not apply to situations in which part or all of a security deposit is withheld by the landlord for reasons unrelated to damages to the premises, fixtures, equipment, appliances, and furnishings, such as for rent or other charges owing.This is the new "exception" (per the title of the RCW59.18.280).

However, similar to understanding the property market, I require assistance when it comes to discovering unfamiliar places.If you are good at investing and also at traveling, please share what you know.

Ex: a sloped lot could require a basement where a flat lot would not.  6.

Now, they owe me a lot more than the security deposit (rent, bills, damages...)I saw there was a new House BIll that came through last year (2023), and added a new subsection to RCW 59.18.280 which does mention RCW 59.18.260 about the checklist requirement for the security deposit:(4) The requirements with respect to checklists and documentation that are set forth in RCW59.18.260 and this section do not apply to situations in which part or all of a security deposit is withheld by the landlord for reasons unrelated to damages to the premises, fixtures, equipment, appliances, and furnishings, such as for rent or other charges owing.This is the new "exception" (per the title of the RCW59.18.280).

The goal is to keep the premiums I have to pay due to lending requirements as my money.

It is going to be a trade off, if you want something recently renovated you will take a lower cap rate, something that is in good condition with a few minor updates you will get an average cap rate, something with deferred maintenance you need to see a higher cap rate.