How much to pay for a $400,000 house in Los Angeles

[Patrick Knock]

I've done a few fix and flips in the Dallas Ft. Worth Metro area, and I know that a general rule of thumb for buying properties is 70% of ARV minus repairs. The houses I flipped had an ARV of 100,000 each, so I bought them for around 60,000 roughly. I have recently moved to Los Angeles, and the housing prices out here are way higher. The average home is about 400,000 each. In order to apply the 70% rule, you would have to buy the house for 280,000 and then take off even more for the repairs. Is that how investors are pricing things out here? Or do they ease up a little on the discounts? $100000 profit for 30 days labor on a fix and flip seems a bit unrealistic, but what do you all think?