In addition, being on a hillside in SoCal, it is critical to determine the makeup of the hillside sub-surface conditions as this will make the difference between a 150k foundation and a 500k foundation.

The homes in this specific area consist of older homes which on a surface level, seem good for a BRRRR strategy. 

Be cause some woods have more visible grain, the irregularities in the surface need to be filled and sanded smooth, which is a lot of work.

LVP/hard surfaces last a lot longer and look better.

I have the foundation of greatness, but I know I am scratching the surface of greatness.

Add a nice parking surface.  

You're not in the deal long term, no tenant and toilet issues, and no cash out of pocket.I'm just scratching the surface here as the answer to your question is a bit more complex. 

Like, digging into specific sub-markets and getting that super detailed intel requires more than just surface-level stuff.

I have good relations with the owner but they are extremely strict on this because if the deal gets out, they will be more overwhelmed with calls than they already are.I found a tenant who seems on the surface to be a good candidate.

Some older homes can be great investments if they've been well-maintained, while others might be a money pit even if they look nice on the surface.