Now, if you get caught, will you realistically be slapped that hard?  

That isnt realistic.

Comps for the property are about $165,000, but don't think they are realistic since they are all 10+ years younger and variable in SF.  

Make sure there is not excessive deferred maintenance (again: roff, or siding, structural problems, etc.)Finally, is there any (realistic) chance of appreciation or is this a pure cash-flow play?  

@Alexander Price  4% with realistic appreciation potential.. or 8% COC with no appreciation potential  which are realistic returns on out of state over the life of a few tenant turn overs.that's an interesting scenario..

Operating expenses sound WAY too low to be realistic.

Hi my name is Cyril,First, I am a real estate agent working with sellers for the last 4 years and now I'm looking to become an investor.I have no funds and not that great credit and need to get some $$ as soon as I ca...

Oh wait, you wish to put only 1.5% down--you are not being realistic.

Realistically it might be 6 months before you close your first transaction as an agent. 6 months is pretty typical.

Realistically, these aren't "cash cows" that are going to net 15% all cash down (like some properties out in the midwest).