Is buying a condo in Los Angeles a good investment?

[Marcus Tam]

I'm looking in the WeHo / Bev Center area and while this condo would be a primary residence (for a few years at least), i still want it to be a solid investment. But I know finding a condo that cashflows is extremely difficult in my area / LA. Would it better for me to just continue renting and invest my money elsewhere? 

If i were to buy, I would look at two-bedroom properties under $750k and plan on putting around $50k for renovations. My total monthly including HOAs will be about $4500. down deposit + $50k for renovatoins = $200k

If i were to rent (assuming same quality as the one i buy), that'd cost me about $3600.