Not impossible to image you could do that if you're able to increase rents, decrease expenses, and compress your cap rate through the reposition.

Of course, in the lead up to when the bubble bursts there is actually more risk, despite the compression of Cap Rates.

Local market cap rates have compressed to 6.5 and I put a shady FSBO sign in the window last July. 

I do the same thing you are doing in LA but in some of San Francisco’s best markets, mainly: Presidio and Pacific Heights and I force appreciation to compress time and returnsI do it through my real estate fund.

If the FMV is above $130k or so, the rent-to-price ratio starts to compress and it can be difficult to cash flow, especially if you're highly leveraged through a low-down payment mortgage. $400-500 cash flow is incredibly aggressive, even when not accounting for CapEx.

Unless you're willing to live in class D property or being on the far outskirts of town, small MF is so compressed right now, the numbers hardly make sense, even with owner occuping them (and you're likely to go up against multiple offers from others that have more cash or need to park money.) 

Add compression, noise reduction, bass, EQ to your voice to make it sound real good and real crisp3.

If you’re a partner, that timeframe compresses significantly.

So would a consolidation exchange where you tried to sell all of them within a compressed time frame so your replacement purchase can close within timelines that meet all the exchanges. 

However after 30 years, it'd take a lot of compression to get RMV down to TAV.