For some reason they listed it, but at the current asking price the cash flow is deeply negative under today’s rates.

That home is large cash flow negative when properly allocating for sustained expenses and vacancy.  

https://www.cnbc.com/2025/12/11/us-home-prices-negative.html

And the check/fix your negative remarks.

In virtually all markets, the high LTV loan on the refinance at market terms will create an initial monthly negative cash flow when properly allocating for vacancy and sustained expenses for traditional LTR.  

My long-term goals: Build a rental portfolioUse the VA strategicallyHouse hack again in a multifamilyCreate stability while starting a new trade careerSet my family up for long-term wealth  Questions for those who’ve been here: When does holding a negative-cash-flow SoCal property actually make sense?

That would negate that equity that I'm using to get the HELOC in the first place.

I only have one 4 unit for students, but I've renovated a few units for other investors. 

Do you feel like the appreciation makes negative starting cash flow acceptable?

Loss of the garage.The reality is the initial negative position is likely to take years to recover.