I believe that the closest way for you to even get a decent cap rate or cashflow in LA is either finding off-market MFR's or buying SFR'r and adding sq ft like @Nick Marrs mentioned.

To find an accurate measure you really need to spend some time in the area, see who is walking down the street, see what they ask you when they approach you, fill up your car at the gas station down the street, buy a six pack of beer at the closest liquor store, ask the mailman what his experience on this street is compared to other streets he’s worked etc.

The example can go for anything thats not covered by insurance.Are you taking about FEMA aide or actual flood insurance that they did not qualify for?

I want to match that house to the closest make and model I can find that has sold or is active on the market and use those prices as indicators.

The closest thing I can find is listed for $355k.

This compresses your effective marketing time and plays a big role on cash flow, I'm sure.Probably the closest real estate clubs to you are in Palm Springs or Bill Tan's LA /Asian Group in Arcadia (hardly close but at least you're going against traffic).Study, take action, and have fun.

Are they on financial aid?

Regarding "...anyone who is truly motivated could succeed easily without paying (literally and figuratively) for newbie mistakes..." it sounds like the Kool-Aid went down smoothly.

Better yet, post yours along the way and we can compare our successes and learn from each others mistakes (along with a few hundred thousand of our closest friends)

Another thing you might do is call tenant legal aid in your area and ask a quick question about the legality of this provision in MI,  this is probably something they can answer off the top of their heads and without charge.