If the properties are tight on cashflow and don't meet the minimum 1.15 DSCR that a lot of commercial banks have, a higher leverage loan with today's rates may not work. 

For the CA deserts, you have two challenges, one is that they either flooded with inventory so the returns are not as amazing as they were, or they are very expensive with tight regulations.

Unfortunately the lock as been known to be very easily manipulated with a pair of vice grips.

@Jon Kampen I agree, with your PITI so high (esp given that the $1220 is your mortgage only, so doesn't include insurance and taxes, I assume) even a $1550 rent may be tight once you take into account all your other expenses.

Unless you've got a lot of cash, your numbers are going to be tight (if not negative) in most parts of the Bay Area - the idea of putting 20-25% down and getting it to cash flow on day 1 is very unlikely ... it's why we're working with a lot of Bay Area people looking to invest out of state right now.

There is a small amount of utility expense on turns not included here.May want to check with Gino...I believe they run a tight ship and keep costs in this same range, even with older properties.The real cost for many investors of small properties is on the revenue and vacancy side due to having to use inefficient management (off-site, 3rd party, SFR manager, other) which is not as efficient as an on-site MF specialist.  

Having to put 25%+ as a downpayment will be very tight leaving you in a price point that would require a significant amount of updates. 

While it would be tight, my wife and I can support both rental payments if there isn't a renter in the one.

. $180 sq foot for new construction will be challenging in San Diego unless you are very active in the work.Your profit spread is too tight.  

This is a weak offer in a multiple offer market with tight inventory.The seller has to agree to it due to the fact the property has to appraise at the higher price.FHA has a limit of 6%.