TG. I’ve been doing the same sort of research in Temecula (I’m a Temecula guy also). I am intrigued by some of the numbers as well. I’m eager to get into the game and own a small income property or two, but I don’t want to be hasty either.

One of my concerns is the rental market and vacancy rates. It is definitely a buyer’s market for renters since there are many new ~3000 sq ft houses renting for under $2K/month. So I don’t know if $1100-$1300 for an older 1300 sq. ft. property will be a sustainable rate in the long run. But budgets are tight and there are not as many smaller properties, so it may turn out that your example may hit the sweet spot for income investments.

I’ve done quite a few spreadsheets of my own. If you’d like to compare notes, email me at: [email protected]