You will be upside down in most cases, so it's likely to be a loosing proposition if you're looking to do buy and hold.You can go into places in the high desert area to find deals, but also the quality of the clientelle will decrease accordingly.

Do you have any seasoned rehab/flippers and/or landlords contacts in the Charlotte, NC area that might be interested in my proposition?

The overall value proposition here in terms of capital invested versus cash flow and property appreciation is excellent.

Is this a double whammy proposition?

450k for a place that will gross $2400 is really unlikely to work out for you as a future cash flow proposition, IMO.This is the problem that comes up so often with house hacking in Denver.

When you have limited capital  and want equity growth every purchase counts.Some people are paying crazy prices thinking multifamily is a "can't lose" proposition because of all the media hype and coverage.

You just pointed out some big weak spots on my proposition, so big thank you!

Aaron right now rent control only exists on existing tenants and it can be charged more....But after November election if proposition 10 passes they might be able to cap rents universally and indefinitely. 

At $1k/month cash flow that's only a 4.8% return.That's lot of dead equity sitting there and for a very low ROI in my opinion.As I noted, buying two more properties in a slowing market is a risky proposition.

Sounds like you made a lot of money in the previous endeavors and that's a good thing because investing in property in southern Cali is going to be an expensive proposition!