I settled on a price factoring in the seller paid closing costs. 

You'll pay a balance transfer fee if you want to take out cash rather than do purchases but at ~3% the money is still basically free once you factor in inflation.

Nothing is going to work consistency forever.

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.

I have no idea what the average unit size, or bed/bath numbers are like in your market, though.I may have given you too much information so below you will find a quick pro/con list.Pro: lived for freegained landlord experiencegained rehab/flip experince (from a hands on, and Project Management perspective)have a great rental when I move out ( I will cash flow over $150 a door after accounting for PITI, maintenance, vacancy, and Property management when I leave)It is less than 5 miles to workClose to economic anchors (community college, military base, and downtown OKC) Cons:  Not the best town in the OKC metro (the street is safe, and so is the town, just not my forever area).           

Another was listed forever, starting at $275k and was down to $175k when I called.

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.