If it's a decent deal but nothing spectacular, I'd probably wait on it.

If you have a relationship with them already, they might be spectacularly competitive.One final note, you said you were putting 20% down, I would assume to put down 25% (plus closing costs!)

This is not appropriate for a long-term buy-and-hold, because the quick-fix solution will begin to fail rather quickly (give it a year or two) and after maybe five years we're talking some spectacular-spectacular failure.

If you are asking is $458 monthly cash flow good then sure, anything positive is "good", $229 cash flow per unit per moth isnt spectacular though but really it all depends on the deal and how much you are spending to get that return.This is your first property so you need to be absolutely sure you have taken into account all the numbers involved , especially with that small a margin. 

I know that isn't spectacular but it was easy to find, easy to do and in high demand.

There’s only so much California coastline.

You can get a spectacular piece of real estate in San Diego with that budget and in the best pockets. 

Purchase price: $135,000 Cash invested: $4,000 I bought this home to use as an Air BNB and it was spectacular for over a year.

The numbers are not spectacular by any stretch in terms of percentage, but I try to just keep things moving along rather than sit around hoping and praying some great deal comes along. 

I wouldn't say things went well in that we didn't end up as the high bidder on any of the properties, but I would say they went spectacularly as we didn't end up as the high bidder on two of the properties!