The markets are hot everywhere, boots on the ground, eyes and ears, and personal experience along with smell, sniff, and eye tests are what will make real money moving forward, not another way for people to be investors without doing the work.

I've also considered doing a "test run" with an SFR in the Cleveland area and if that does not work, simply converting the unit to long-term and adding it to my existing portfolio.  

Consider raising the cleaning fee to $100...nothing wrong with making $100+ hr.

@Justin Waller The IRS has a "facts and circumstances" test to determine what is your main home.

CA is special because they can not raise the taxes without higher approval so they do bonds, etc. which take lower approval for things. 

I would get more info about the tenant, what market rent is for one side (so you know if you need to start raising rent), and what screening was used for that tenant.

I am based in New England. 30,000 foot view of my model is  to identify underutilized/value add opportunities and raise capital on a deal-by-deal basis (multi-family, industrial and self-storage).

Are they somehow removing tenants to raise rents? 

A decent one will almost certainly be able to raise you up into the 600s within a few months.

You could also possibly bring some friends or family in as investors and work out a small deal to raise the same amount of funds with more forgiving terms.That being said, what are the numbers on your deal?