Aaron McCarty if you look at the formulas/metrics in isolation then the numbers don’t mean much.The formulas/numbers is all relative, especially as everyone/business has different goals and risk tolerance.Compare the results to the alternative, example: compare the historical stock market return on blue chips to an A class area.

I've also found a few comparable rents on Craigslist that say I should be able to get about $700-$775/month for each unit.

@Ryan Keenan Lenders will generally add mortgage, interest, insurance, property taxes and depreciation back into your gross income when comparing it to your federal taxes and total PITI. 

Where can I find info on rent comparables (like price per square foot) for that area?

Im just in the process of comparing the advantages and disadvantages of an FHA vs 30yr fixed mortgage.

Real Estate is an investment that has the ability to deliver excellent returns because the cash down payment is such a small fraction compared to the return on the retail value .

Martial arts and fitness pay low rents per sq ft compared to medical tenants.

I compare with craigslist, hotpads, and zillow as well.

Rehab a property, then create a traditional mortgage to pull my cash back out for next project.  2)  Get home equity loan...rent out my house in San Jose, CA for a good amount of rent income...then use my loan to do a flip somewhere more affordable.  

That being said, it could make more sense to you to buy for low to moderate cash flow but strong appreciation, versus the other way around.If you want buy and hold rentals, I’m hoping your idea isn’t to tie up all your cash in ONE property, but rather to get your own traditional investment loan or creative financing from sellers.Another consideration is many speculate we could be nearing the top of a real estate market cycle, with a dip in home values expected when you could pick up some better deals.