Is it possible to get a "good" deal in downtown Los Angeles right now? Expert advice needed.

[Jason J.]

I'm definitely a newbie at real estate ownership / investing, but I'm in a situation that I hope some better experts can analyze for me. I apologize in advance for the beginner-speak :)

Here's my situation:

I'm trying to buy a 1-bedroom apartment in downtown Los Angeles, particularly in the 90017 zip code (Here is a better diagram of location: http://bit.ly/1urYTX0 - the closer to 7th/Figueroa the better). 

However, I'm worried about the market being "too hot" or prices being too high - I have money for the downpayment and can comfortably pay rent, but I don't want to buy something at the wrong time and then have the place plummet in price.

My budget for a 1-bedroom apartment is 250-400k, and I want to live in it for 5-10 years, and then rent it out for a reasonable price (or at least one that covers mortgage/HOA fees) after I move. I love the area and I want to live in it for the short-term, but definitely don't want to raise a family in downtown 5-10 years from now. I'm 27 years old.

Are there any experts that might have any advice for me? What would you do in my situation? Is it possible to find a deal like this in the area, or am I "too late" to the party? What might I be missing? 

I TRULY appreciate any advice - I'm trying to create a plan of action to make ownership a reality, and I really don't like paying 1700/mo for "empty" rent right now. I'm trying to buy a place with Renting in mind down the line. My only requirement is that I stay within that zip code.

Edit: I can also slightly "increase" my budget for a bigger place (2-bedroom, etc) if that makes more sense from a renting perspective (+/- 150k)