Here are the numbers: all in Purchase price $95,500  Gross income is $21,660 this is facturing in a 5% vacancyExpenses: Property taxes $2,260, Insurance $450, Property management $2,200, Repairs and maintenance 5% $1,140, Utilities $2,025, Lawn & grounds keeping $600, Capital expenditures & miscellaneous, 5% $1,140.

(Snow/lawn care, boat lifts in and out and so on...) but if your plan is to live there full time when you retire try adding the Hoa fee to your mortgage payment and see if you can afford a more expensive house with no Hoa or at least a lower one. 

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

Especially, if this is in CA.What about water/sewer, lawn care, admin/professional costs?

You could delay repairs, self-manage, or cut the lawn yourself, but that mortgage lender has their hand out every month, no matter what.As you eluded to, a drop in housing prices, isn't really a major issue for a landlord in the short term.

Shop around.What about lawn care, snow removal, and admin/professional fees?

Electrical, paint, plumbing, pest, lawn service, cleaning, etc, 2-3 tries for each one until you find someone that's reliable and competitively priced is not much fun. 

What your CPA has recommended is you receiving rent "income" in the form of a personal service barter, so you would still technically have to report the value of the chef services as rental income.Now it's true, most people don't report barter services, but in this case there is a vast difference between what the tax regulation states vs what people actually do.For example, as a CPA, if I do your tax return in return for mowing the lawn at my house, I would still have to value the amount of your lawnmowing and declare that as income. 

I will definitely add management and lawn care.I calculated the deal with only one unit rented (please see the image I attached).

Call the local water authority and get the last year's bills.What about lawn care, snow removal, and admin/professional fees?