And that's where I serve as a realtor in the High Desert. 

I don't know a lot about AirBNB here (I live in the Palm Springs market), but I do know as of about a year ago, Palm Desert was not accepting new applications.

that totals 23%  and while you might get there self managing I dont think you will get close to that if you have to have PM manage.. and as others said  location  ( snow rain)  desert makes a difference.. tenant quality ( nice tenant Vs tenant that is rough on house )  I think 40% for self manage gets you in the safe zone if you do better thats wonderful..  50% for fully managed if you do better thats wonderful.. but to cut your numbers razor thin then think U made a bad buy when cost run higher is more on the lines of gambling or wishful thinking.

@Dan Valiente Well another Cali native, I'm a combat vet living in Southern California ( High Desert) If you're first starting out I would utilize your VA loans.

Solid Rock Construction (aka Solid Rock Structures) Desert Solutions Knipp Contracting

You can imagine the tenant base willing to live in the desert with AC that works "some of the time" As for ill prepared That will take a lot more time to delve into.

@Cami BohnAlso, we are in the desert of California.

If commuting isn't an issue I'd look to the Inland Empire or high desert if you want to stay under $500k for a duplex or triplex.

That will not get me into local markets so I have been looking at the Central Valley, the desert, and out of state.

@Osvaldo Cruz this is highly dependent on what market you are in, Desert southwest would be earth tones all the way, but since you said siding I'm guessing that isn't the case.PS your title could use some work because I thought I might have to come in here and school someone on fair housing regulations :)