I will say this, if you get it for 660K then that is what it is worth it is not worth 700K if it was that would be the purchase price especially in a hot market with a multi bid situation.

Not knowing you're exact area or price point, I would recommend looking at multi units in San Pedro (the last affordable beach left in the west side), Long Beach (heavy rental market), Fullerton (great schools and universities), Monrovia (the next Pasadena), Korea Town (the new echo park), mid-Wilshire (excellent rental market), South Adams (the current hot spot for flips), Cypress (near Oxford Academy), Duarte (the next Monrovia, stay above foothill).

Any idea why are they are not listed with such a hot market?

We also had to light hot water tank and clean and check furnace."

I lived in Phoenix for a year, and it gets HOT! 

It doesn't make much sense to me to do that in a hot market.

I am very familiar with the good and bad, hot and not areas of Hillsborough and Pinellas county.

@Marcos Sanches  - Dallas market is super hot!  

Regarding the increase, it all depends on your market.. if it's a hot market, I think a 3% increase each year is reasonable, but if you do low income areas like myself,  I'd really recommend structuring the leases where they get a discounted rent if paid by the first.  

Keep in mind that the market is hot now, so it will be harder to find someone willing to accept your terms.