Before you commit I would talk to banks, probably local banks are better than regional or national. 

I work with investors from California all the time that are able to find good cash flow in a growing market where the appreciation is obvious.I agree with @Jason Wray that many of the investors I talk with from the West Coast find that the markets in the sunshine belt work far better for their investments. 

You'll probably get some good ideas here, but I'd suggest talking to a real estate attorney soon and maybe run some of these ideas by them.

Talk about aiming high, right?

A lot of people tend to mingle these things when they talk about "break even" or "cap rate", but that leads to a lot of confusion.Let's use some real numbers which may be easier to understand. 

So you are talking about a loan of $200K.

@Sam Ojo here are a few ways of continuing to scale.1.

lol It says RENTAL HISTORY not PO Box history lol. have you been able to physically talk to the applicant on the phone?

Really interested in investing in this market and would accept a relatively low return (or even a break even scenario because i believe in continued appreciation potential here). 

i think if the PM violated the contract twice, they will likely continue this behavior if there are no repercussions.