Perhaps in Santa Ana or Anaheim?

All the rest is icing on the cake (barring any repairs, maintenance costs, etc.).Thoughts?

Unfortunately in this case, you can't have your cake and eat it too. 

You can have your cake and eat it too.

Any appreciation from there is icing on the cake.

$500 cash flow is good but the true icing on the cake would come from appreciation. 

We knew the appraisal would be a piece of cake.  

Ive heard so many people say cash flow is the icing on the cake or its what prevents you from losing your properties in a downturn, I agree .but unless you have tons of doors or properties producing tons of cash flow its pennies compared to what appreciation can do for you.

I started a wholesaling group and spend my Saturday mornings with them.I am looking for my next purchase at the court house steps, while I am working on a few more.Good Investing...Aliso Viejo, Anaheim, Brea, Buena Park, Costa Mesa, Cypress, Dana Point, Fountain Valley, Fullerton, Garden Grove, Huntington Beach, Irvine, Laguna Beach, Laguna Hills, Laguna Niguel, Laguna Woods, La Habra, Lake Forest, La Palma, Los Alamitos, Mission Viejo, Newport Beach, Orange, Placentia, Rancho Santa Margarita, San Clemente, San Juan Capistrano, Santa Ana, Seal Beach, Stanton, Tustin, Villa Park, Westminster, Yorba Linda

I think during the last 10 years, RE is a fantastic way of parking one's assets and everything more than that will just be icing on the cake.