Now that is a very high level example but the appreciation is not gone if that makes sense you will capture the ballpark same appreciation if the properties are comparable.  

Also, without even looking at the plans a 7 unit building will likely have flawed floor plans and/ or an inefficient layout unless its an irregular site.

Quote from @Jules Aton: If you are doing high grade laminate that should be good.

The housing market never ceases to surprise us. December marked a big moment: for the first time since mid-2022, home prices increased year-over-year in all 50 of the largest U.S. metro areas. Yep, every single one.
...

Purchase price: $305,000 Cash invested: $80,000Single Family home in a 55+ community. 2 Bed 2 Bath, attached 2 Car Garage.

Attached to this post is Ja Morant and Desmond Bane delivering treats to our floor for the holidays!

The tenant fails to pay their last month's rent and leaves the place needing new flooring and paint.

Interior remodel, paint, floor, appliances, fixtures, etc Lessons learned?

Are you basing this solely on what you can afford, or what you intend to make on it, or your target sale price? 

This has made it an attractive investment for some, though high prices and increasing interest rates are currently impacting affordability.Addressing your specific points:High Taxes: Yes, California has high taxes, particularly income tax.