Hi, I am in the beginning stages of the real estate business here in Arizona, and my dad has expressed his desire to help me get started.  

On the flip side, I totally appreciate that the Bay Area is a desirable place for families to move and we are land and development constrained.  

____none_________________ (none, just home, already landlord, sold several before)What types of properties desired & why?

What kind of experience, good or bad, have others had with a rental with less than desirable schools in the area?

I understand the desire to keep the property to save the childhood memories, but you might want to think twice.

Then there is a 3rd type of property like what I have that is high in appreciation value, and low in yield producing income as a result of being highly desirable in terms of area and overall geographical location.

If you bought a 3 bedroom ranch for example for $xx,xxx and the comps in that same area are all X% higher (you have to decide what % discount you desire), then you may have a winner.

If you do not have a genuine desire to help, it will be noticed.

The neighborhood is definitely desireable to some given its proximity to Manhattan.So why isn't my unit renting.

I don't ever do sub $100k properties so I have larger amounts into deals, but also have larger margins.Most of my acquisitions range from $200k on low end to $900k on high end with a majority in the $250k-$400k range.I don't particularly like your formula of $10k more for another 2 weeks of rehab, but if it works for you, then go with it.My advice is to know all your holding and re-sale costs so you know at what % you need to be in order to net your desired return.