I currently live in NYC where the barrier to entry is too high for me at the moment.

I'd be getting a killer deal on the fence due to having left over materials from another construction project at my parents property (they're letting me use their extra mat.) but it will still cost me at least $500 in extra lumber/supplies/labor but is it worth this? 

Definitely red, but not too bright.

Another major red flag is when a prospective tenant is in a huge rush to move.

https://www.ocregister.com/2018/05/02/reaming-owners-and-other-renters-with-rent-control/These things can hurt home owners too because theres less value and more red tapes

The cashflow is low for me at 1300 or so.

I read the entire article.....and this appears to be the "meat" of it"A record can be sealed quickly if an eviction case is dismissed by a judge during the hearing process or if the tenant prevails.

The cashflow is low for me at 1300 or so.

In my part of California, a 2 unit (or 2 home) property with only one meter is a red flag that one of the units/houses is not permitted.

No red lights, quiet streets, a ghost town of a downtown made up of a few dive bars and abandoned buildings.