With no broad based income or sales tax, you have to fund through property taxes.

For broad appeal, period correct (or close)?

You're missing a lot of numbers (as others have mentioned above), and your ARV range seems a bit broad for my liking.  

My 'offer' was as broad as the limited visibility/access I had to the home.  

Running some very broad numbers are showing me approximately $450 between the two each month.

The question is too broad to provide a detailed response. 

If only California is mentioned then everybody from CA will chime in to the exclusion of other states when the appeal is to create a broad foundation for all.

All of my purchases have been through active MLS listings.I would suggest attending one of the NAR Ethics classes and asking them your question specifically, but I think if a member of the public ever decided retroactively that you had taken advantage of your specialized RE knowledge to take down a property at below market prices without suggesting to that Seller to market it broadly in an attempt to get the best possible price, they would have something to say about it.

Instead of enforcing existing laws that were not being followed by a few landlords, they painted with a broad brush and now every landlord in the City is required to have certain language in their lease, identifying what is excessive use of City services (police, code enforcement, etc).

Two potential benefits of property management are time savings and let's just call it broadly profit optimization or getting the most bang for your buck.For a lot of people they will be taking a hit on profit when they hire a property manager to gain back time and scale-ability.