That doesn't hit the 1% rule and with CA taxes (that will go up after reno) you are sure to be cash flow negative each month, maybe by a lot.I see additional risks:$650k rehab budget sounds optimistic.

We have been involved in 30+ transactions where we pick up keys to homes (normally non-liveable) and completely remodel them well under budget and under time frame.

She hired u build it to build her dream house and due to under budgeting she started out in the hole 25k.

. $25k - 5% downpayment for a $500k house in Orange (this is pretty low for the Orange Area) $10k - house savings fund - in case the roof breaks the day after we buy it$15k - rehab costs - if we can get a $500k property in Orange worth buying, it's going to need rehab$15k - Savings in case something goes terribly wrong and one or both of us loses our jobsWith each property we purchase, we plan to follow a similar formula of adding to our savings and conservatively budgeting for potential issues.

Do you have a rehab budget in mind for the fixing up?

If there are too many separate bills a tenant can easily pick and choose which is more important to pay when on a tight budget.

Just make sure to budget some for turnover to get it in good shape again for when you re-list in the summer. 

If not, it's definitely good that you've budgeted for a PM already. 

I'm on the lower budget end of the spectrum and just can't justify paying for professional photos.

Termite Damaged Studs $1,000.00 Assume replace 20 EA studsRodent Extermination $150.00 QuotedNew Roof $5,750.00 Quoted - Partial re-decking at 10 sheetsNew Hot Water Heater $750.00 Assume $500 water heater and $250 installReplace Aluminum Electrical Wire $300.00 Assume 4 hours @ $75/HRTotal Rehab Budget $47,057.98 Contingency at 10% $4,705.80 Original Purchase Price $45,000.00 All In Cost with Original Purchase $96,763.78 ARV of Home $95,000.00 Based on ComparableAdditional Scope $11,792.98 New Purchase Price $33,207.02 All In Cost with New Purchase Price $84,970.80 Any advice?