It's purely based on comps but the comps have downward pressure. 

But that number is pure serendipity. 

If you were to buy as purely a rental, you’d probably have a higher rate and higher down payment needed.I don’t think this gives you a lower down payment on future purchases either unless that next purchase is the new owner occupied home.

Your risks are the California market may be some where near a top (pure speculation), at the point you have to do some capex work or have a vacancy you are losing even more than the $500/month.You will be able to accumulate cash easier, to make your next purchase, if you aren't losing cash each month. 

That's just to break even and it doesn't take into consideration maintenance, battery replacement, and other issues that can change during that time.Solar power is to help people feel good about their environmental footprint and is not what I consider a good investment.

So, first of all, definitely be sure you are able to document where the cash for the purchase is coming from, and that it's purely YOUR cash if YOU are the one applying for the loan (a HELOC on your residence is ok). 

If you are purely looking at the investment aspect of qualifying. 

My wife does it purely on referrals and will do 250 to 350k a year .. year in year out.. unless she takes extended time off to be with grand kids.. and I think with this wholesaling stuff I suspect 10% of all wholesalers make 90% or so of all revenue.. and the ones that I know and I know or know of most of the top dogs .. because I fund a bunch of stuff the dig up.. these guys have basically small real estate companies..

Great place to live, great place for you to enjoy personally, but if you were an investor looking at purely a financial ROI, most people would probably never buy it.   

We manage a handful of properties remotely (however most of ours are local to Charlotte market) and we keep actual keys in a lockbox in case batteries die or any malfunction.