It also matters where the home is located, and what the weather, type of tenants it attracts/has been attracting, etc. other factors are.

Just factor the cost into the rent.

But that is calculated after expenses and depreciation is factored in. 

However, components of a central HVAC system in a residential building, including furnaces and condensers, are NOT eligible for this treatment and must be slowly depreciated over 27.5 years (39 years for STRs).

Flipping a brand new home likely wouldn’t bring much profit - especially after having to close twice when you first buy it, and later sell it.Maybe you have millions to spend and I’m just missing the big picture… but when I think of “income” I’m usually thinking “net income” after you factor in expenses, like purchase price or building costs?  

(Of course, there is a factor that higher rating will increase my booking but that is not just coming from adding one or two amenities) Besides item 5 and 6, I am not sure how much other items will attract more guests to my business.

Quote from @Paul Ladendorf: Quote from @Henry Lazerow: A big factor is also who you have do repairs.

Aim for $500/mo min and even that won't allow you to tap into unless that's after cap ex, management, vacancy is factored in.

If it had been my client buying this property, they would have paid a lot less even with the full commission factored in. 

One thing to consider is that in terms of wealth building and Kiyosaki's Cashflow Quadrant, owing a rental and doing work yourself is putting you in the self-employed quadrant, not Business Owner or Investor.I think there are a lot of factors stacked against California for long term rentals, and I think you know it too!