Also, check with zoning to make sure there are no issues. 

I always thought I did a good job of screening, gut checking, red flag observing – the usual seasoned Landlord stuff.

How far from town/ freeway, kind of zoning?

After you get a handle on that you may want to then branch out of area for your comfort zone.

It's zoned as a multi-family, even though the area primarily consists of single families from research I've done.

You would have to check local zoning laws for security and privacy, California is known for some out there regulations – like scent free areas…Good luck!

The house is in a flood zone (AE). 

Northern California... trees can be huge with yields of 100k NET per acre. 3. western red cedar  hi price lower volume per acre grows in the watersheds of ORegon WA BC4. tie between old growth Yellow pine east slope of cascades and  J log  prime doug fir WA OR BC    I have taken 400k net dollars off of 10 acres of prime growing ground in Oregon.. that's 400k in my jeans in 5 working days.5. all the other lesser sorts of doug fir and pine..

The zoning is E-TU-C Lot size 6050

Stocks/Index funds are my comfort zone, yet I've never considered pulling equity to buy more stock, or getting a loan (unless I'm playing RDPD Cash Flow game, then it's risk taking everywhere....but that's my virtual life/family in that game, so who cares if we go bankrupt?).