@Nicholas Foy average sales price in The Eye was $87,944 in 2023.We consider it a Class C- Nieghborhood.So, tenants will probably have FICO scores under 580.Means you may want to use a Vacancy/Tenant nonPerformance factor of 20%+ in your metricsYou'll also need a real good team on the ground to minimize losses.

Managing a section 8 rental without being on the ground will be difficult.

However, you will likely have more maintenance without the HOA as now you have the exterior and grounds to worry about, as well 4 of everything on a 4-plex.

I'm in Tampa and, in addition to financing homes, we've built our share of ground-up spec homes here in the Bay Area.

Have a good group of people on the ground who you can call to fix things when something comes up. 

This will provide protection both against the city as well as provide ability for you to pursue eviction if needed. if you rent an illegal unit and the tenant doesn't pay you have no grounds for eviction.

If the utility company shuts off the water that is grounds for termination. 

Your numbers are likely based on if everything goes well and not if everything fails, which is more likely.Just the idea of buying a property to rent to five people who don't know each other and also live on the grounds in a trailer should seem ludicrous to more people.

I would set ground rules on decision making.

Buildium is a nice middle ground and can bring a lot of organization if you don't have a robust bookkeeping system.