House hacking with two children can be tougher than expected because you will always need to take a larger or the largest unit which will reduce your cash flow on the property even more.

it's a nice, expensive place to live but tougher to house hack unless you buy a big house and rent out individual rooms.)also, as @Jonathan Greene alluded to, the more you're willing to sacrifice, the better it will work. 

Real- Estate  is a lot tougher game now because of technology now allowing buyers, sellers to access the market using the internet without using agents but  you do have hot areas that can support  more bodies .

Not one dime went to overhead in our Charity each person and their discipline donated their time and money to the Mission.We then went about raising the 200k ( which was much tougher than what I thought) I spent 2.5 years on BP giving advice on PM's in exchange for donations.

It’s a lot tougher to make a difference.” – Tom Brokaw

Regarding tire kicking, yes, that’s a tougher issue.

All said, drop the rate to market or slightly below (if you're in a tougher market) to attract a quality tenant, then pursue the refinance or sale as some have suggested already.

@Tim Ryan  there is a remote chance that you will get that unicorn tenant that stays in the home for years does not have a bunch of kids that trash the place.. that can happen... however these areas are transient at best..one way to see that is look at all the disconnected dish TV lines many of these homes will have 5 to 10 of those that means 5 to 10 tenants in a 5 year period or less..STRONG property management does not specialize in hood properties.. they lose their butts on these rents are low.. much tougher to collect and simply not worth the drama....

just don't do a lease. as others have mentioned, this forces the buyer of the property to take over the lease (if its even allowed/ they qualify) and it certainly does make the property a little tougher to sell. i'm also doing a house hack, and here in CA, its made a world of difference for me. the bulk of our energy usage is in the summer when we want to run the a/c. my bill stays a constant $228/mo (i pocketed the tax credit and simply financed the panels after that grace period). instead of getting an $800 bill in the summer months, we run the a/c at a constant temperature 24/7 on auto, stay comfortable, and i typically get a little bit coming back at the end of the year. don't expect to pocket this "little bit back" by being conservative with your useage, it sort of is a use-it-or-lose-it situation... i think i got $54 back this year.

So your odds of reaching that 8-10% CoC potential is possible, but tougher.