Tomorrow I will be at the Historic Homeowner Fair all day.

This leaves very little window for an effective "Subject To" deal.The other factor to consider is that mortgage arrears (historically <1%) and defaults (historically <0.5% ... less than 0.3% in parts of the country) are substantially less than in the U.S.A.  

These homes will their cash flow significantly consumed by cap expenses and other expenses.There is no way I would decide to invest in Midwest SFR over coastal So Cal SFR due to the historical ROI of coastal So Cal SFR. 

Historically San Diego RE investing has produced outstanding ROI.  

@Scot Henry the cost of new construction is at a historic high.

A lot of the other historically bad areas have been regentified.  

From the variety of answers, it's clear that it is personally subjective (as it should be) based on personal income, current cash flow from your portfolio and the historical track record of the region (the Great Recession provides us an excellent model). 

As a historical comparison does anyone know how many flippers were around at the height of the market before 2007-2008? 

The more familiar you are with the area you buy in, it puts you in a better position to know pricing, neighborhoods, historic trends etc.

HOA is $175 per month.This property is in a great location... located in a large urban park in a historic neighborhood currently undergoing serious gentrification (hundreds of millions in multiple residential/commercial  developments all over the neighborhood, both city and private money).