So while the top 15% of investors strike the location jackpot, most are not and that appreciation has also been eaten up by the afforementioned.

But you hit the jackpot. 

Best wishesI got an even lower cash flow number, around $6200 assuming these rents are correct and my spreadsheet can be pretty liberal sometimes (meaning I'm overshooting it and likely less cash flow).

California = Liberal Landlord Hell.

In general: more liberal states are more tenant friendly, more conservative states landlord friendly.

I might wait until the picture becomes clearer regarding the city's newly liberalized building code which will apparently allow the use of CPVC and/or PEX water supply piping.

It is not fair to unsophisticated investors to be offered syndication investments by groups or individuals who have less than 7 years experience (and that is being liberal) in real estate finance, operations and management, etc. 

No personal experience with Matt yet but I'm familiar with most, since I'm running several REIAs (mainly MassRealEstate dot net)Or you can get a Liberal Arts degree for $60k/year and see how that pays off:-(

Quote from @V.G Jason: Quote from @Carlos Ptriawan: Quote from @Marcus Auerbach: @Carlos Ptriawan yeah very low price, but would not be my choice of neighborhood.. one thing that I do notice from bay area (highest land value) and OOS property (lowest land value area) is that, home actually has more intrinsic value when located out of state, same house like that in our market is having 15 times the price, which means we only buying the land while the house itself is in much worse condition than comparable OOS property.So if someone like me that's more liberal and can accept to live in any neighborhood, I could really have a good primary house to live in out of state, for a very low price point.  

The Wealth of Nations, Adam SmithOne of the most essential economics texts, The Wealth of Nations forms the underpinning of much of modern economic theory.Capitalism and Freedom, Milton FriedmanMilton Friedman's iconic work argues that economic freedom is essential to a free and liberal society.