Rental deal in Vancouver: C$384,800 purchase, C$2,550/month — sanity check - am I overthinking this?

Exactly. There is no need to decide whether an 8.0% gross yield is “good” before establishing what survives underneath it. If the deal only works with full rent, minimal turnover, cheap insurance and no major repair, that is not a conservative model—it is several optimistic assumptions stacked together.
 
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