@Will F.
We just purchased a duplex about 3 miles away from USC and hope to have a tenant in place in August. My wife and I live in one of the apartments. Even though our friends seem to rave at a “genius move” we made by buying the duplex near USC, the “South Los Angeles” aura from the 90s still persists (which I’d like to think we used to our advantage by purchasing now). We plan to keep purchasing and moving so I’m not sure where in Los Angeles I’ll be living in 3 years.
Regarding your search; I would sign up for REDFIN if you haven’t already. It’s free.
I would look at the 90037 zip code which is the closest to USC. The 90018, 90008 and 90011 zip codes have nice pockets of MFR and some SFRs. They are a little further away. Leimert Park is getting pricey but it's worth a look. Gentrification is fully underway there. There are some really nice homes in that area. (See Dublin Street @ Rodeo street). Nice and maybe already too pricey. A friend lives in the 90018 area code and has already seen subtle changes like reflector dividers on the streets and stop signs on corners where they didn't exist before. That's what I call "creeping up on you for the better" type of change.
We missed out on a really really nice duplex around the corner from the University of Southern California’s campus. We’ll be going out of state for our next purchase next year unless I can swing a local deal that would make sense with regards to the numbers. But I haven’t given up on Los Angeles. If all goes well, I hope to purchase in Los Angeles on my 3rd or 4th deal (fingers crossed… again & again).
To the south of USC, the Highland Park neighborhood is where Soto and Slauson meet and it sandwiches the 90037 zip code (from the south) and USC (so to speak). It is south of USC (See Google maps). You might have seen the soccer fans of the Mexican soccer team in the streets last night on your local evening news as they celebrated Mexico’s 3 – 1 win over Croatia.
I don’t have to tell you what oil baron Phil Anschutz has done to downtown Los Angeles. Nokia Center, The Ritz Carlton downtown Los Angeles, It’s just a matter of when most of us get priced out of the 10 mile radius that radiates outward from the STAPLES CENTER.
Google “Figueroa corridor plans” (they’re turning the section that starts from the LA Convention Center a bicycle friendly street and the big car dealerships are up in arms. It is also the car dealership corridor soon to be formerly the...).
Also Google, “Highland Park Gentrification” and “south Los Angeles gentrification” and “Holy Sh*t: Whole foods is coming to downtown”. (Replace the “ * ” with an “ i ” for maximum search accuracy).
Yes, a giant Whole foods (1 block long @ 770 Grand Avenue) will effectively be very close to you if you purchase within a 3 mile radius of the University of Southern California or (the university of spoiled (rich) children) as my alum friends refer to their alma mater.(Thank you uncle George Lucas and uncle Steven.. among other notables). :-) You know how expensive a loaf of bread costs at organic and yuppy friendly Whole Foods. :-)
I would suggest you look at Redfin listings of these area codes and then drive around on the weekend (starting with the immediate area around USC).
Finally, I saw a “Los Angeles” post here in Biggerpockets of a guy selling a fully refurbished duplex for $250k on here (Search and/or save a “Los Angeles” alert to be alerted when anything LA posts) to find it. The address was 50+ blocks south of where you are probably going to be looking. But if you’re holding for 10+ years that $250K could look like a genius move in 10 years.
Good luck!
PS: Google " One Santa Fe to break ground this month". That's a massive retail complex that Magic Johnson's real estate investment vehicle is partnering to build by the SoCal architecture school downtown.
Change is upon us. Make plans accordingly.
