Thank you in advance for your time and consideration.  

Yes, these rents are considerably under market! 

You won't have to wait on inspections to get draws, spend time putting documentation together, or worry about timing when it comes to paying contractors.  

If the property has not changed hands in a long time the current owner may be paying taxes considerably below the current assessed value--that value will be stepped up for the new owner.

Many years ago, I flew down to Lafayette once a month when I was a Funding Control Officer for a savings and loan back in the mid 80's to approve their draws.  

. ($800 for the 2 bed 1 bath, $800 fro 2 bed 1 bath, $800 for 1 bed 1 bath with garage spot, extra garage spot $75 to whichever other unit wants to rent.)Other consideration, I currently live less than 5 mins away and pay $1100 per month in rent.

I'm also drawing a blank on my LA, CA peeps, so I'm going to tag @Chris Mason who is in CA and maybe he can help you out or recommend another CA landlord.

However since I will likely have to use a commercial or portfolio loan (I want a cash out refi or credit line secured by the property/business, I am of course willing to personally guarantee) I think it is reasonable for the underwriter to appraise the property taking into consideration cap rates/business income to derive the value.

If my wife draws no income can we still get 10 under her name?  

@Steevee Reroma Always take the drive into consideration.