also consider whether you need a full repaving (remove what’s there, level the surface and re-pave), just a 1” or 2” layer over what’s there, or maybe just a seal coating.

On the surface it sounds great, but there's always more to it. 

With the salary listed you probably have a good job that demands quite a bit of your time and from the surface I can imagine that you would want to be doing super active real estate like fix and flips and doing all the marketing necessary to find good creative deals.

If it runs to the front, you may have an issue getting proper sewer drainage slope to the tap. 

Biggest question on my mind is when all those funds that were paying over par for loans a few years ago, going to rise to the surface in insolvency. 

You also mention the low fee of $50 / month for HOA fees and though it may look very cheap on the surface, you have no idea how the communities financials have performed over the last few years and you may have HOA fee increases annually.

You do want to upgrade windows if old and go with hard-surface flooring.By the way, what you're planning to do is referred to as BRRR: Buy, Renovate, Refinance (to pull your money back out) and Rent.

This all goes much deeper than the three inches below the surface where inexperienced real estate operators/investors frolic along with W.

You're right to go out of state since 20k won't scratch the surface of a typical CA property. 

Inspectors will assess the wiring and electrical panels for outdated components that could pose safety hazards, including fire risks.Plumbing issues like leaks, low water pressure, and drainage problems often arise as well.