I'm fairly confident that with modern upgrades the house will support that valuation and command high rents.

On the bright side, San Diego is a landlord's market to command high rents and interest rates are still historically very low so buying a 2-4 multi family property and using the BRRR is a great option.

@Matt Kalish Seeing that you live in Miami I would suggest starting off with something within 30-45 mins driving distance if this is your first go at it.Miami/Fort Lauderdale command very high hates (more than I got with the keys) and you can rent for any amount of nights instead of being restricted to 7 or 30 days.

I live in Chicago, not terribly far from Wrigleyville, so I know that area and what rents command and how popular Airbnb rentals are in that area.

As I deal with strong interest from serious cash buyers my problem is finding a competent Investor Friendly Attorney that I can work with for this deal that commands 20%+ Rental Cap Rates for the lucky End Buyer. 

Or maybe they're just tired of winters in DC :-)"Military leaders have described the Futures Command project as the Army’s most significant reorganization since 1973.

I also have a business in that commands a lot of time from me.

Opportunistic investments typically do not have in-place positive cash flow, need a lot of rehab, are higher risk, are financed differently, and typically command a higher return to offset that risk.

I have even been told by several that their commanding officers recommended they not rent in certain areas.  

I can't tell you how many times I told my Company/Battalion commander.