Is buying a condo in LA a good idea?

[Kwon Do Lee]

I would be buying as a primary residence for a few years as I don't really see myself leaving LA anytime soon. My goal is to buy a property near my job (West Hollywood) that is around 425k because PITI+PMI+HOA(estimated around 350/month)+insurance comes out to about half my monthly income from my W-2 and I only have enough down payment cash for a home around that price.

Currently I have a SFH rental in Indiana with a partner that is cashflowing about $300 after refinance and are planning to buy another. This SFH costed me about 35k (and my partner 35k) which is about $8000 more than the down payment I would be shelling out for a condo here. Would it be a better idea to buy a condo here and build equity or throw my money at rent (probably around 1700) and buy another rental out in Indiana?

I have heard condos do not appreciate too well though I am not sure of how it is in LA. Thank you for reading and your insight!