Paying 2 and 20 is fine for a large hedge fund investor with massive upside, not regular minions that can't really afford savage tenants. in my expensive equity market, I make my living on equity capture at the buy transacting solo, off--market. 

This has a master llc and then branches for each additional llc, but all are captured by master, but each are insulated from the other if that makes sense.

Then subtract a percentage of arv you would be happy capturing after forced appreciation with the rehab and you should end up with a ballpark number of where your offer would need to be to make sense.

I would stick with a single family 6-9 bedroom as there are far less of those than condos, townhomes and smaller single family..so more opportunity to capture larger families, tour groups, sports league tournaments etc.Hope this helps!

Get more creative and buy a value add deal, or look at properties with a different set of eyes to capture the appreciation and cashflow still possible in SoCal. 

The nice thing about expensive markets is you don't need a 30% discount (my last ones were in 2015) to capture serious $ off-market.  

Is it to capture the money? 

I think you need to nail down the potential upside in rents for the 8 plex, as well as quantifying any added value you can capture by raising the NOI.

I wish I would of had an email capture tool like StayFi earlier so I could capture guests emails and direct them to a direct booking site in years to come.

If you are charging rent rates from three years ago, you are not capturing current value of CAPEX on the property.