I'm sure the really smart and experienced people will chime in to help you see much more, @Alex Costas, but one glaring omission I see from first glance is that nowhere in your expenses calculation did you consider the laundry additions.

Big open spaces on the second floor that are over the living room cost a lot and you can't sell them.  

And there could be allot of room to have fun with it too.You could probably build 2-5 tiny homes for the same cost as purchasing a middle class single family home at market value.Just so much to think about...

Why don't you just include the rehab costs on the HUD-1 as an expense paid outside of closing so that you can get the title insurance to cover that cost as well? 

You would be surprised how many Leases are out there that are Tenant friendly and cost a landlord big money. 

Way back when a few years ago when I found out that probate was filed against my fathers estate, the distance to drive from Sacramento county to Contra Costa county was a pain to drive.Through my attorney's suggestion I filed a Request for Special Notice.This document (when I filed) gave me notice of every court-mandated document that was filed and was mailed to my residence.

And what I have found in most of Maine (Portland is a whole different animal) is that many houses cost as much as the multiple units.

We also spent some time in Italy not too long ago, and we just booked another vacation to Costa Rica. 

Second passport, residence in Costa Rica, and maybe Argentina.

http://www.latimes.com/business/la-fi-costa-hawkins-repeal-20170314-story.htmlCurrently there is a movement to dramatically expand Rent Control through California.