Still, you retain your assets and let the tenants pay off the mortgage as you cash flow more and more, initially through rent increases, and ultimately when the property is free and clear.Looking at this investment through this lens, I think you should complete the due diligence, get clear about your long-term goals, and then proceed.

I guess I've been looking through the lens of investing in cash flowing property, which is not a strategy that typically succeeds in coastal CA cities.

Therefore, in a broader sense, I would try to look at the jobs/projects you work on through a real estate investor lens.

I've found it difficult to crowdsource advice on BP since everyone looks at a deal through their own investment lens. 

The light coming through the trees causing a little lens flare is something a lot of photographers will do on purpose!

If you see these wonderful locales through the lens of the recent decade, it is a poignant picture of growth.One caveat deserves mentioning I think.

Welcome to BP @Matthew Thompson Im closing (selling) flip #15 on monday, i can tell you it takes a lot of Money, more than you may initially realize, holding costs eat you up, and no matter how you calculate it, unless you get lucky, you never make what you think you will, that being said, I have made a years pay on some deals, and a used cars worth on others,  know your markets, dont only len on the experts like agents, or contractors, know what your looking at, even if you need to buy a buddy in construction, a few beers to tell you if the contractor is screwing you. never take the agents value as gospel, I am a Realtor, and I have seen plenty of agents get the values wrong, mine are not always right either, just dont trust them with out verification.

We're all going to look at this through the lens of our niche and what works for us.  

Unfortunately you might be viewing this from a narrow lens.  

Good luck and yes, this is a hard market to find deals:)  Len DeCarmine with Re/Max Cemtre Realty