Cashflow, a place to live, kick *** return on your money, depreciation and mortgage interest deductions, and the icing on the cake (if and when it happens) property appreciation!

Do I forget  equity returns, but as Josh Dorkin says...it's the icing on the cake and still worth while?

I would look Anaheim, Long Beach, Santa Ana, and maybe Westminster.

On the flip side I have seen conversions that took some guts from developers like converting a church into condos and they sold like hot cakes so sometimes you can turn a problem into gold.

You can't have the rental cash flow cake and eat it too while living in one half of the property. 

@Jessica Lawrence I am just closed on our first rental property in Anaheim and hope to have rented out by Feb 1.

My ex-property manager had a property that didn't have laundry hook-ups and they had a very difficult time getting tenants for it..it took months and months...meanwhile every other property was renting like a hot cake with multiple applications.

Depending on where/how you buy,  it may appreciate, but  I wouldn't focus on  that-- it's the icing on the cake, but your cake is cashflow!

Having positive cash flow is just icing on the cake for your hog wild retirement.Quit thinking about trading time for dollars.

I am a big fan of house hacking but to add the icing to the cake the house hack should have a value add.