I am looking to at least break even in California.

The potential issue is that he may have gotten his interest rate when rates were lower and you may get the deal at a higher interest rate which can potentially have the deal at break even or at a loss.The quality of the deal will depend on what your net income is and what you are putting into the deal.If in the above example and you have the same net income, the deal sounds amazing if you are putting in $200,000 because you have a 10%+ rate of return.But if you are putting in $2,000,000 the deal is horrible because you are making 1%

Personally I think you have to look at it two ways so here are my thoughts on it.1. investing IE passive which to me is buy a rental let the tenant pay it off get your tax breaks etc etc.. although I fully understand being a landlord is NOT passive by any stretch but your not building anything just letting the property percolate until you dispo it in a few decades..

As mentioned you can do a lot with outdoor space without breaking the bank.

Real estate taxes $1200 per month on a $350,000 property(seriously) In Cincinnati, when you pencil it out, the break even point for a 4 family is about $85,000-$100,000 per door.

This will break down their annual tax liability. 

Not only is this clearly something that tenant is doing , but the plumbing is hooked up to a septic system and septic systems do not break down tampons. 

What if you were only a few months into a 24 month lease and you were having these same types of issues, and the tenant did not want to move out even if you offered to let them break the lease or do a cash for keys.

When I have a client who has given me millions of dollars of business and referrals ask for a break if I am a dual agent or if the sale price is in the millions I happily oblige. 

Break this rule - and your STR losses are no longer deductible.It gets worse.