That's not really feasible with lending. 

Even if we have hit peak pricing in the region, this could feasibly sustain for 2-3 years in the high-demand parts of Marin and the East Bay in addition to the northern Peninsula near San Francisco.

I intend to eventually purchase an SFR and rent it out, but is that feasible from where I currently stand?

Here's a thought for you, research the area you are looking to invest in based on your risk assessment and then study the numbers in that region.All of these "rules of thumbs" are not always reliable and sometimes can get you into trouble...in a hurry.Start with Knowledge of the USA Real Estate Landscape, Laws, Regulations, Processes, etc.Do your Market Research based on your own Feasibility Study to determine what your Region sweet-spots should contain and not containBuild a Local Team to advise you as to specific matrices (Vac Rates, Mgmt Rates, CAP Rates, Mtx/CapEx Reserves, General Expenses per SqFt, OER baseline, etc.) to use.

This guy really needs to sell this property.Are these possible action steps feasible?

So, I am investigating the feasibility of a commercial loan or seeing if owner financing is an option.

Is this feasible or totally unrealistic?

Complete an additional 5 hours of my real estate course (dialing back from 10 to see if this is more feasible). 

Maybe I'm missing something here, but it looks feasible.

I just went through feasibility on a property similar to this and ended up backing out because of the scope of work and sellers bottom price.Red flags I see:-'Friendly' landlords, cash payments-Not having seen leases (although it sounds like that's soon to come'-Wholesaler brokering a deal for such a low price tag, worth 'at least' $190K with only $12K in rehab?