The market is hot in Sacramento and it seems to be getting harder to find a rental propery that will produce positive cash flow.  

You'll see that some of the homes can produce a very attractive return on your dollars invested.Keith

you have a few options.. in high priced west of cascades markets No cash means no luck and no business.now you could venture out to old logging and fishing towns in rural WA... and probably scare something up in the rental realm.. but those would be basically non appreciated assets and really why own them anyway... with no money your 100% leveraged in the rental realm and as such cash flow with be minimal.. so unless you can seriously scale I think its a complete waste of time and energy.If you want in the RE game and have no money best way to get in is to get licensed and go to work for a top producer getting paid to learn.. and learn in a manner that is sustainable.. this no money down stuff can work in some situations but its not a consistant or very productive in our markets here on the west coast.. too much cash competition.. that's the reality.

It has 4 separate units on it and currently is producing $2500 a month.

However, their income-producing aspect pretty much over-rides Shiller's other points.The game is changing even as you read this.

Maybe that will bring other enforcement agencies into the fray and and produce a more permanent result than the "squeaky wheel" approach might.My $0.02...David J Dachtera

So I just purchased a 3 unit property that produces 3,300 a month.

Now you did not say whether these are income producing homes, but that would come into play during the due diligence from the bank.We were able to secure a HELOC on our properties in an LLC, but we had to personally sign using our W-2 incomes and personal credit, I'm not sure if that would have been possible for us with only a part time income from W-2.You also may consider some local banks. 

The people that setup a mail or lead funnel that doesn't rely on the market to produce homes is what can be best. 

So to base your numbers on anything but what the property is actually producing is not a good investment strategy.