That is a really low entry price for sure.

I'm keeping this property for the appreciation (in a high demand area with great schools) and low interest rate for now.  

One unit is occupied by a low-income senior not on the Housing Choice Voucher program and paying well below market rent.

In the cities the government got involved in housing and low income housing was built for poor people.

If you want cashflow.. look for markets with low entry prices and higher rent averages.

@Nate Jenks - @Andrew Postell did a great job clarifying the big challenge you'd run into pulling cash out with such a low down payment. 

Silicon Valley job growth in tech and manufacturing, low property taxes, and landlord friendly. 

A total cost of 6.3Mn over 23 units equates to 274K/unit...this appears unbelievably low for San Diego...I'd want to see full development budget detailing hard, soft and financing costs as well as month by month projections showing construction and lease up cash flows.What's the 2.2Mn purchase price for?

Pretty normal numbers for low income duplexes in Cleveland.

I bought it about 9 years ago as a primary residence, which keeps my taxes low.