***The image of the property is older, I fixed up the walkway, garden and a lot of the exterior.

A lot of exterior upgrades, replaced the roof, garden, walkway, etc.

5. are there railing on all interior and exterior stairs?

Exterior painting.

The houses we bought are in rough shape and need a whole interior / exterior upgrade.

It can be a simple as a drive by or a full interior and exterior inspection depending on the company. 

Could be tenant running space heaters or could be neighbors running an extension cord off an exterior outlet.

Simply Safe systems are great to use so long as you keep the electricity on.Otherwise, if you have boots-on-the-grounds, PM, Realtor, etc. that can pop by regularly to check locks and show that the property is being checked on.You can install live, or dummy cameras, on the exterior of the property as a deterrent as well.Best of luck to you!!

As to fire walls, any exterior wall on a single family residence is a fire wall.

Offer price: $170,00020% conventional, 30 years, assume 4.5% interest for rental propertyAssume down payment, closing, minor fixes = $40,000 cashMortgage & Interest: $689Property Tax: $218HOA: $241Insurance: $60Property Management: $100Maintenance: $50 <-- efficient ~1,000 sqft condo, HOA covers all exterior (also water and basic cable)Vacancy: 8.33% ($131)Total average monthly cost: $1,358Total average monthly cost w/ vacancy factor: $1,489Expected rent: $1,575Averaged expected cash flow: $86 w/ vacancy impact; $217 w/o vacancy impactCash on Cash: 2.58% w/vacancy; 6.50% w/o vacancy <-- how does that "feel" for California?