I bet half to 3/4 of the people who read this thread wonder what in the hell you are talking about :D .

Step two of the following article discusses how to calculate comps.

If the tenants are on an 18 month lease, you run your analysis using current rents as projected income. this lowers your purchase offer, and punishes the irresponsible landlord for offering an 18 month lease at below market rents when he planned on selling. if the lowest price he is willing to accept is calculated using market rents, then you compare your risk aversion and capability to carry the property at a loss for 18 months to determine if it is worth buying still. likely not depending on how far under market rents are.

Mark,Your best bet would be to look for a private lender, I'm not aware of any institutional lenders offering non-recourse financing to retirement accounts outside of the US.

I bet you could get cash flow if you bought a large lot single family and built a separate "accessory unit" cottage in the back yard or converted the garage to a rental.

My issue is, because I'm using my BP calculators, im seeing as the possibility being beautiful.

I was more interested to see if there was a calculation to come up with some rough approximation, on max purchase price.

San Leandro is a good bet, because many buyers are being squeezed out of Oakland and are moving south.  

Appreciation investing is dangerous and speculative, sort of like betting on sporting events. 

If the number's make sense based on the rental calculator you should move forward.