I suspect we will meet someday seeing we are so similar in the same area of San Diego.BTW our likely next play is building an ADU in higher class area. 

Especially on investment properties because their are so many risks and costs that come into play.

But I think it's best to play it safe, and if you expect to sell a rehab for 300k in August or Sept... .shave off at least 20k.  

If you were in my shoes how would y'all play this?

It's good to have this sounding board.I think it's safe to conclude,  two adults if no children, two adults and one child, or one adult and two children.I also think it's possible that the "plus" one idea that Mary Mitchell posted could come into play.

Purchase price is what is required to figure out ROI ("I" is effectively the purchase price), operating income doesn't play any role in the purchase price.

Sticking to what works regardless the economic cycle will always play out in the long run.

You're wasting everyone's time while you "play investor." 

Real estate investing is a hard game to play but you are on the right track by asking questions and becoming educated.

With projected unemployment to play a huge role in figuring out what cash flow will be.