I’m aiming for a mix of appreciation & positive cash-flow after some value add work is done to the property over the course of first year of ownership.

A couple years back there was a ballot measure to try to remove Prop 13 for commercial properties, but it failed (but be wary of it coming up again). 

Without having more detailed info on what you plan to do with the money, I would aim to keep this investment condo. $400/mo isn't bad at.

Since prices are high, aim for properties with at least a 1% rule.

I use a version of the 50% rule as a quick but reliable measure of expenses on a single-family: you can reasonably expect all monthly expenses not related to the  principal+interest of the loan on a property OVER THE LONG HAUL to be 50% of monthly gross income.I also think she's just calculating that PITI expenses are pushing her down to - $120 a month.

Cash flow goals are awesome, aiming for $5k/month is ambitious but doable with the right strategy and a bit of luck.

I'm a relative newbie and went through this and found it helpful to first understand what each metric is designed to measure in the first place before deciding which one is needed for my analysis.

Early on we had two very similar houses 2 blocks from each other, one with a pool one without and we were able to see the pool house would rent roughly $100 per night and had a higher occupancy, so it was somewhat measurable. 

Hi Jonah - I am working on a new tool aimed at making real estate investment analysis a data-driven process.

Quote from @Haley Jang: Hello BP team, a new house hacker here.I'd measure the property, identify furniture, research the market, and figure out what is the best rental strategy for you.