There is also a subsequent adjustment cap, or the maximum amount the interest rate can move in one adjustment period, usually 2%. 

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Running both of those numbers out annually you end up grossing $18,404.40 left to cover property taxes, insurance, maintenance, and saving for cap ex. 

I don't invest in multifamily right now due to low cap rates but I would definitely do it in the area for the right property. 

@Victor ChanSell if:You don't want to be a bay area landlordFinishes are new and the house does not have hardened features appropriate for rentingHold if:You want to be a bay area landlordHouse has older finishes and value wouldn't suffer from additional wear and tear.The amount of risk you take on by renting would be significant and under no circumstances should you hold long enough to lose your step up in basis.

Hey BP,For beginner investors like me, I feel it's important to know which features change the value of a house the most because you can use this information to figure out ARVs and be aware of value add opportunities.

If you think the $10M cap is reasonable, say that so Congress doesn’t presume you’re an ultra-rich person with a $10M plus IRA (like some in Congress presume anyone opposing this bill is).

I am having trouble because it seems unlikely I can find something meeting the standard BP numbers of 1% rent and 10-12% cap (Turner's recommended cap, I believe).

I try to dig into and seek governmental policies, for instance, laws that may regulate/cap rent, property tax increases, different zoning laws that may hurt or help my strategy in the long run.