Hello Jaycee, I would say around $250K in the current market...

Then they will start the process over.As for finding a market. 

And yes it sure isn't what it seems, especially in this market.

For multifamily, target markets with strong rental demand, value-add opportunities, and creative financing options like seller financing or private capital.

I highly recommend investing in a property management software, such as Hospitable, for syncing your calendar, automating messaging, and scheduling cleans, as well as a dynamic pricing tool, such as PriceLabs, for optimizing your pricing based on market demand, local events, and seasonality. 

Be sure to check out the free tools BP provides to help analyze deals you may have and also market insights.

Are the tenants paying market rents?

I bought a condo in Norman Oklahoma 3 years ago and due to the rental market, I have struggled to get another.

In this area, market values hit around $4.95 million, giving you a solid 131% ROI.

Quote from @Bud Meacham: The market is very competative in California.