Now it is a single-family long-term rental.

So why obligate yourself to a long-term relationship with someone with less than a perfect application?

You may need to focus on long-term wealth building instead of short-term cash flow. 

If you are comfortable with that then you can always hold it for the long term. 

In the long run you will save a lot of money while at the same time earning way more money.

In the last 30 days the tenant could have initiated a bankruptcy, had an eviction added to their record, been sent to collections by a creditor, etc.

I want to be upfront, I am working with a RE (he helped me with my home last year).

It says that I should take the cost of the repair and divide it by how many years it will last and divide that number by 12 months to get the dollar amount that I should be tucking away every month for that expense.For Example: Let’s say it’s a $20,000 roof that will last 10 years. 20000 ÷ 10 ÷ 12 = 166This formula states that I should be setting aside $166 per month for this expense. 

For a property like this, even in California, I would anticipate at least a +7% CR.Additionally, betting on appreciation is speculative and not the best approach to long-term investing.

It could be that the property had the lower level finished since the last appraisal was done, but the only way to get this confirmed is to have a licensed appraiser go out and assess the property in person.