The location is great and the rents in the area really vary.

.❌ Cons & ConsiderationsInspections Required – The property must pass HUD inspections before move-in and annually.Tenant Quality Varies – Like with any rental, screening is crucial (more on that below).Potential for Property Damage – Section 8 does NOT cover tenant-caused damages (but here’s how to protect yourself).🔹 What Happens if a Tenant Damages the Property?

I know the new build market varies a lot market to market (in my area here in central Maryland it doesn't quite work usually), but the "newer" builds can be a good option.

So, depending on the sequence of events that can vary somewhat.

This range varies based on wages and expenses.

Your theory on the multifamily is correct however in practice in today's market conditions, it can vary wildly.

Costs vary but can range from $1,000 – $3,000 per unit.Water/Sewer: This is more complex and may require approval from your local water authority.

I do projects all over Texas, plus in other states, but the process for permitting/approvals can vary by region. 

If we have to start eviction proceedings a second time, we will complete the eviction process and they will have to move.Rules vary from state to state and lease to lease, but on my properties, if the rent was not received, on the 6th they would get a letter stating that late charges have been applied to their account and if they do not pay within 10 days we would start eviction proceedings and all court costs would be applied to their account.  

Cities like Irvine (corporate travelers), Anaheim (tourism & business), and Costa Mesa (young professionals) offer strong rental demand, but zoning and HOA restrictions vary.