Sacramento / Highlands /Florin / Foothill Farms McCuen fourplex condos - good for new investor?

[Matt Leonard]

I'm looking for advice/info/others regarding some lower-end investments in Sacramento. Specifically - I'm seeing a ton of McCuen-style fourplex condos (in North Highlands / Foothill Farms area, and also south near Florin) that seem to have strong cash flow, even at market-rate sale prices.

Most units are 2/1, listing for ~$45,000-$65,000 (depending on upgrades), and are renting for $750-850+ right now. HOA's are low - most under $200/mo. I'm calculating ROI on these (assuming 20% down, PITI impounded, HOA fees, and 40% of income going to maintenance/vacancy) anywhere from 10% - 25% on various units. 40% also might be high for maintanece - considering HOA is already covered (depending on the unit of course)

I realize these neighborhoods are older and not likely to see significant appreciation. But if cash flow is positive from the start - this seems like a good move to get into investing, with a fairly minimal debt/cash outlay and build some equity and semi-passive income.

I'll admit - this is new to me, but I'm doing my research. I own/live in Oakland, own a 2nd home in Natomas with my mother and a tenant there. I have modest income but strong credit and cash reserves. 

Anyone else have properties in these areas? Care to share any tips, advice, lessons-learned, or pitfalls I should be thinking about specifically with these lower-end units?