Find something with a flaw that can be mitigated for $100k maybe. Like a foundation issue or something.

from personal experience... i would be careful with that idea. at least in NYC anything that seems like it surely cant cost more than 100k will cost you 250

Yeah, you really need to be certain on the cost.

It's CA. It's $100k in fees and professional services before you even move a single atom. Don't buy anything in that state with the intent of improving it. Live in something nice and run away before it needs any work.

I've seen many with gotchas. Pictures look fantastic, first visit looks great, and then on the lease it says this is just the model unit. The actual unit available is the one facing the freeway.

With these prices I'd love to buy, but it takes a while to gather the deposit with a new job. If all fails, orange county it is.

Wish you luck as well :)

Is Orange County any cheaper?

I think it is less about price and more about availability.

The Metrolink has been fairly-improved and more lines are actually being built to service more area. If everything you need to do is near one of their stations, I'd try to find cheaper housing out in an area close to one of those stations (Riverside, San Bernardino, Fontana, Corona, etc.) I lucked out in that my job and home are very close to Metrolink stations, and if I'm on my e-bike I can just use the bike trail in the Santa Ana river and go home/get to work that way. I still drive because it is usually faster (and cheaper) than taking the train, but trains are an option.

Ha yes, always the freeways! That’s such a common thing 9 times out of 10 something looks too good to be true, it’s the freeway driving down the price.

I grew up in OC and it’s not bad, depending on where you are exactly and what your interests are.

Honestly, I don’t blame people that get up and leave for another state. But silly me, I’m not willing to leave my friends and family (and of course the weather).

I bought a fixer-upper house in Santa Clarita last year. If you don't mind being 20 minutes north of the valley it's a pretty awesome place and the prices don't bite (as much) like the rest of LA.

there's nothing "insane" about renting in LA

I see 1 bedroom apartments for $2k-ish everywhere. 2 bedroom apartments for less than $3500. that's just normal if not below average for a major metro.

Dunno that seems pretty nuts to me. I live in Australia: known to have one of the most unaffordable and bonkers property markets in the world, and I live 1.5km from the centre of Brisbanes CBD, and pay $2800 for a 3/2/2 townhouse with a backyard…

Different markets have different realities. People have to compare their relative markets.

I live in Israel near Tel Aviv. Your $2800 (I'm assuming AUD) is 10% more than my mortgage. I live 10 minutes from the beach (and downtown), 2 minutes from a forest, and have a 5+.

If your value was USD then everything I just wrote holds true fro Tel Aviv, one of the most expensive markets in the world. OPs original post would get him a fantastic place here ~15 minutes from the beach and 15 minutes from work.. on foot. But salaries also don't match that.

That sounds perhaps normal for New York or California metros. But even in Portland, which is not renowned for it's affordable housing options, a two bedroom apartment downtown can be had for $1800/mo, and a three bedroom for $2800/mo.

I respectfully disagree. LA is one of the least affordable metros when factoring in income. It gets even worse when you start looking for a place with a specific commute, washer/dryer, adequate off street parking, etc.

It's not. Median rents in NYC is over $4k. LA is nowhere near that.

"Factoring income" is also a non-sensical qualifier for how expensive a metro is. Using that measure then Miami would be considered far and away the most expensive metro in the country.

> I’ve seen are on properties with clear flaws (e.g. poor location, bad floor plan, etc.)

How do you determine these?

Look at where the house is, and look inside the house, respectively.

some examples:

For location it’s common for a property to be in a generally desirable area, but situated right next to a freeway (noise and bad for health) or located right on a busy street (not quite as bad as a freeway, but in certain cases it could be difficult to even get out of your own driveway).

For floor plan, the biggest offenders I’ve seen are configurations that limit the usability of the space.

Narrow bathrooms and kitchens that feel almost claustrophobic. In one case I saw a bathroom that was barely wider than the toilet! I’ve seen kitchens that two people cooking would barely be able to maneuver around. I’ve seen bedrooms that are basically closet sized, which is strictly worse than just having one less bedroom. I’ve seen large lot sizes, but half the lot is on a slope and not able to be used as a backyard.