That is very good quality with a ton of natural light!  

This seems to be an area that may be difficult to get into for a quality investment below 2M or so.

The biggest thing that sticks out to me is quality of tenant at that price point as well as the area it is in.

@Eric Hyde,Here is some quality information to get you started:You definitely need someone qualified, does not have to be a CPA, could be an Enrolled Agent or an attorney.

The neighborhood next door could rent for $250 a door less, so would managers in a great area charge less than management for a area of lesser quality?

I do, however, pay extra for quality insurance policies that do not prorate needed repairs based on the age of the item getting repaired. 

If it's material discuss the quality, maybe you both have different ideas of what's acceptable.

@Ramon Polo Unless these are very poor quality lists?

Before today I actually thought I was a pretty good landlord...provide a quality product...have all my tenants setup on routine maintenance visits, and even send out gift cards around the holidays. 

Selling a single family home that is well located in a nice neighborhood in OC in order to buy non-performing notes is trading down in quality and up in risk ...