One factor is due to LV being the hardest hit during the 2008 recession, and is not even passing its peak median, while Bay area, OC/LA counties, has already passed its peak.

Drug factory, wild parties........

I have a small factory that has moved from Richardson, to Plano and now in Allen over the past 10 years. 

I am seeing more and more of these spread sheets and none of them have leasing fee's therefore the vacancy factor is under funded.unless you have a deal with your management company to lease the units for free. your going to have turn over.. everyone does .. and its not common to have a tenant leave and not have a month of vacancy plus a lease fee.. and of course turn over costs.. although I was happy to see your contingency line most folks don't put that in there..

Our vacant apartments are in a blue collar town where 19 and 20 year old are getting factory jobs for $14-$20 an hours, but no one has any savings. 

I know we're not supposed to be emotional about properties, but a complicating factor is that I am about our SoCal holdings. 

The only other factor is time, whether sharp peak valley, or long drawn out. 

Another factor is it takes real work.

Your limiting factor is going to be finding deals to flip in LA so you really want to make sure this one looks good.

If a factory closes, are you screwed?