Richin-sur-ance (in' shOo rəns), 1. n. a widespread legal form of gambling where the 'house' may raise antes in response to excessive pay outs and/or utilize several forms of double-speak and legal-eze to welch on the 'bet' altogether.

Between the crack down on gambling and the fact that I do not enjoy being in bars I have 42 rental units and absolutely no desire to ever own a bar.

A lot of big players pay 82-83% in California or more if they like to gamble.  

Still yet, a gamble, no doubt.

For instance if someone knows that there is a development planned for a couple years out that will severely increase the value of their property they are willing to take an educated gamble. 

Yes, DC has the school choice option, but it is a gamble, a literal gamble.

But for one, you're speculating (gambling) and in LA the properties would have to appreciate to freakish levels to let you retire.

You are essentially gambling with an ARM and that is not something you want to do.  

Otherwise, unless you know the area well, I'd say it's more of a gamble.

Although it's 30k under the list price, eventually someone might say yes.Are you saying that the average deal in California is either: 1) diamond in the rough, acquired by hard networking or luck, 2) requires appreciation to get a decent ROI (gambling?)