. $400 per month into savings to cover a cushion for PITI, Vacancy, Capex, Repairs, etc.After 2-3 years, assuming all else stays the same, I would generate approx. $133 in monthly cash flow on top of PITI, Vacancy, Capex, Repairs, etc.Is this a deal you’d go after?

It more so a  C+ area that is coming up so in essence, doable.The 3.5% down makes sense if it's what gets you in the door and leaves you some money for closing costs and reserves for unexpected fixes.Run it through a property calculator to see what type of cash flow it could generate or how much the rent will offset your costs. 

In my area, condos prices are generally $150k-$175K and they generate rent between $1700-$1800 per month.

Too much car noise could generate some negative feedback on your rental listing.

I am always in and out at sea so for me I think having a few rental properties to generate cashflow is the best way for us to get our feet underneath us, at least until I retire and am able to put more time into this.

Short stay rentals can generate crazy high gross revenue.

My advice would be to take your family vacation location out of the equation and buy a place that will generate good income.Your family trips can be to a variety of places that way.

We sold the property shortly thereafter for $70,000, saving it for future generations to enjoy.

While I'm most interested in starting off with renting single family homes, I've heard its difficult to generate positive cash flow from rentals in this market (not sure if this is because of the high entry cost to LA real estate?).

If you own say a 5 unit multi.ProsThat is one closing, one location, one roof (maybe 2), one PM (because one location), one lawn to care  Value of property is based on income you can generate from it.