And because California is so tenant-friendly, it can be extremely difficult to evict a tenant who does something blatantly worth eviction, so good luck evicting just because you want them out.The only two options I know of for getting rid of a rent-controlled tenant are:The new owner of the property can pay one of the tenants to leave (amount is set by the city, usually somewhere ~$10k depending on different factors) if THEY (the owner) move into the unit themselves.

If it makes a positive cash flow since day 1 price is not that a price should not be the only determining factor in a long term investment.Are their any leases with the existing tenants or does it have any obligations that you would become obligated for. 

Once you go a few years out it becomes hard to project as there are too many factors that play into it.

I'm not saying don't do it, I'm just saying make sure you consider all factors and if your numbers long term are realistic. 

TURN OVER kills landlordsfor me if I get a tenant who is good ( when I had tenants) I NEVER raised rents longevity and consistent payments over years of tenancy will beat turn over and raising the rent 20 bucks every time.. plus the simple hassle factor.. that's worth more to me than a few hundred bucks.

Factor in any debt on the property, utilities, furnishings, etc.

I only have a few years under my belt, but I currently use COCR as my primary deciding factor for evaluating a property. 

You also will definitely have to factor in remod costs, almost every building up for sale is around 80-120 years old, lead paint, old furnaces, old doors etc etc. 

Whether to have an LLC or not is a complex decision based on many factors.

Your repair costs seem like they may be accurate but the other factors are the problem here, this is expensive for what you get in TX and I'm going to assume that it is in the downtown of a major metro area which is why the price is so high.