@Andrew Moran I'm also in Southern CA and agree completely with @Cornelius Charles regarding the seller's market and delta between good deals and what home owners out here want (and are sure they can get, in most cases).  

There are still houses in these areas that you can pick up for 100K and a 50% Delta (margin of Rehab Budget, Fixed Expenses, and Profit) is a totally attainable number depending on your skill level as a rehabber/ project manager. 

I have just started having appraisals come in under contract prices, but this is such a huge delta in your situation.

To use numbers for the Austin MSA:April 2022 the median home price was $550,000 ( market peak)April 2022 interest rate: 5.975%Monthly payment $3,739 (loan $2,631 | taxes and fees $1,108)It is quite likely many April closings locked in at March rates, so let’s include those:March 2022 interest rate: 5.328%Monthly payment of $3,559 (loan $2,451 | taxes and fees $1,108)October 2022 the median home price is $474,900October interest rate: 7.2%Monthly payment $3,550 (loan $2451 | taxes and fees $971)And sure enough, a median price home costs a buyer each month nearly the same now as it did in April ($3,559 versus $3,550, a delta of only $9).

Delta CPA Group, LLC - Fort Wayne, IN

We also fly free on Delta.

I mean there whole motivation is buy property from a seller who is many times in distress and buy the property for far less than true market value so they can resell it at market value and pocket the delta..

Something that has always steered me away from those rural areas, is that the economies rely SO heavily on single companies, industries, etc...A bad example that I could give you is Delta, Ut.

And yes for a BRRRR to work you still need to find a smoking deal on the front end...even more so actually because it's the delta between the purchase and ARV that is going to make the magic happen.  

Blake, HI, I am a western slope local also, with about 70 regional flips under my belt in the Telluride Montrose to Delta region.