These properties always look good on paper but they very rarely pan out.

@Michael Charles How did everything pan out?

Welcome to Bigger Pockets and the Pacific Northwest!

Rancho Bernardo and Pacific Beach areas.

But even if the return panned out to only 10% over the lifespan of a 30 year loan, then that house would be 4.5% below (which I understand is a lot) the 2nd greatest fund manager of all time.

I was wondering how the current situation in San Marcos has panned out. specifically looking at some of the new construction homes by Lennar.

I have two Federal Pacific breaker panels that need to be swapped out for safe modern panels in a rental property near UC, and a few extra circuits added. 

If you negotiate too hard then you run the risk of losing the property to another investor or else the wholesaler choosing to work with easier buyers.You should also realize that for every one $15K assignment deal that a wholesaler does, there are maybe 100 leads he got calls on that didn't pan out, 20 properties he looked at where the sellers were asking too much, 5 property deals that he got under contract that had title issues, a few properties he made a $1-2K commission on, etc.  

I live in the Pacific Northwest if anyone has area specific knowledge.

If you see the opportunity and the numbers pan out.