Recommend talking to your CPA about this strategy. 

Based on the numbers and my strategy, do you think this is a good investment for my first property?

My assumption is that the majority of those were subsequently insured with Cal 'Safe' but I have no data to confirm that.

The book on tax strategies for real estate investor by Amanda Han and Matthew Macfarland.I read these two books when I first started investing and found the information very helpful.

Long-term single or small multifamily rental would be our strategy to go. 

I always look at the exit strategy for the property to determine which kind of Creative Finance I would use.

There are several hurdles during the process:Find the deal - Unless you are marketing or plugged into a community where there are opportunities, it isn't always easy to find the right dealsEvaluate the deal - Without professional guidance and research tools, it is difficult for a newbie investor to evaluate and ARV/FMV or create an adequate rehab budgetSecondary exit strategies - If things don't go as planned are their other opportunities to exit profitably.

I'd underwrite the property, with that low interest rate assumable mortgage, to cash flow positively from day 1 as a long-term rental, but be willing and able to use the rent by the room strategy or to rent out part of the property as a Short Term Rental to dramatically increase cash flow during my occupancy. 

Are you looking to follow the BRRRR strategy or find proeprties that are turnkey? 

I’d be happy to connect and go over what I see my clients doing and what’s working, and what strategies are dead ends here.