You remembered that one line, and now everyone is telling you it’s bunny stew...cause it is.I’ve yet to meet someone who was able to stick with their financed properties for 10+ yrs and had the finances to whether a downturn, regret it.One thing I’ve usually noticed is that: Those who own additional properties often tend to become more successful in the long run and take on more overall risks, maybe because they have those investments to “fall back” on as a safety.Wins compound over time.

Using the 50% rule for expenses, I show a 5.2% return for the first year ($1350 (rent) * 0.5 (50% rule) * 12 (months) / $155000 (investment without any closing costs)) with an unlikely scenario for compounding (so the annualized return decreases for each year of holding).I do not know where you get the 8% goal from, but I would not consider buy n hold residential RE investing if I was only projecting an 8% return. 

LA is around 1.25%, compounding at 2% every year which is the max increase allowed due to Prop 13, as @Rory Kinnear mentioned.Always clarify these numbers with your lender/escrow company, just to be safe.

If there were a finite amount of FHA loans available and you were taking it away from someone less privileged, then maybe it would be taking advantage of the system.

@Phillip Rosin Sink - if stainless steel, use a buffer and polishing compound.

I just can't imagine what they were there for (no, not a dart board) Just went over the walls with a tape knife and joint compound.

@Katie Ritter, I am with Account Closed that generally speaking, inherited tenants are more of a PITA than placing your own, and compound that with a friend of the prior owner. 

But people are …. unaware of how the game works, how easy it is, how much expense ratios cost and especially how much a seemingly small 1 or 2 % management fee compounds to really be, to the tune of hundreds of thousands of dollars over a few decades.

However, don't compound this loss by delaying the restoration of the unit and getting new tenants in. 

We used to allow dogs in our duplexes but 10K later that privilege is gone.