With a degree in cultural anthropology I am most likely destined to a life of retail management unless I can really turn this dream into a reality.

The likely outcome is a cleaner balance sheet and enhanced viability going forward, as in a corporate restructuring.The threats to assets like the historical car collection or the truly outstanding art collection at the Detroit Institute of Art are worrisome from a cultural perspective but not likely to affect real estate investment.There's a real difference in perspective between those on the "inside" and folks around the country.

How much discretionary time you are willing to put into this.Your comfort level in a given area, as for safety, cultural differences, etc.Your systems for acquiring, renovating, protecting work-in-process projects from vandalism and theft, collecting rent, eviction and turnover issues, to name a few.I'm not at all opposed to working tougher areas, however I'd want to know what (or who) is actually paying th rent.

replace 2nd bath tile (dirty) with bathtub insertreplace master shower (currently cultured marble??

It is much easier to build a relationship or trust between them, because of these culture things.

It is a great city and has a unique place in American culture (of course, the same could have been said of Detroit). 

We have perfect year round weather, which opens the door for vacation rentals that can cash flow nicely, high demand, high rents, well educated work force, low unemployment, high quality of life (recreation, amusement, cultural offerings, sports venues, universities, medical care etc.).

We have amusement parks, sports teams, cultural offerings, shopping, and the Pacific Ocean. 

Less is more for me.Thankfully, that aspect of U.S.A. culture has not been exported here ... yet.

Here, at any given time of day, all of your senses are treated to both the cultural traditions of this historical community and the many ways this neighborhood is rapidly changing.