How much are you discounting their rent?

I also think that more buyers will just go straight to the listing agent hoping to get a discount rather than crating a relationship with their buyers agent who can guide them through the process. 

I pass these on to my clients looking to get a discount as most stuff on the MLS is overpriced. 

They have no idea or understanding of compound interest, amortization, ROI, APR, or discount note purchases.  

like i said before if one is buying turnkey and then sell after 4-5 years the capex would not hit you, or just buy with substantial discount.

We categorize the problems into two groups:Deal Killers (or Deep Discounts): These include complete system failures, such as needing a new well or septic system, which significantly impact the bottom line.Deal Modifiers (or Small Repairs): These are minor repairs like hydrojetting the drain field, installing a new riser, repairing baffles, or replacing pumps/tanks, which can leverage a lower offer.Step 3: Making the Final OfferWe make our final offer only after a full system evaluation with remedies.

Moreover you can still find performing notes at a (small) discount which is nice. 

A self managed investment may be easier to accept it straight from tenant to owner. 

My verdict: it could be a winning play given your equity and potential upside, but carefully weigh the pros and cons.Crunch the numbers: Factor in all expenses, potential vacancy rates, management costs, and ensure the cash flow covers your mortgage and leaves you with enough buffer.Consider alternative Bay Area locations: Maybe there are suburbs with less pressure on prices but still good rental potential and appreciation prospects.Don't rule out the single-family option: If the numbers work and you value the lifestyle, don't discount it entirely.

They may come up but understand that rental rates are generally well below market (hence the discount) and these deals are largely off-market if you're able to find them.