Those holiday numbers are a bit low, those daily numbers are a bit high. 

Many of these are low income, government subsidized housing units.

The price is about as low as you can go in Southern California.

Where do you think a rehab is more likely to net the better sweat appreciation the high property value market or the low property value market?  

When revenue is low in the first couple of year, so is the interest payment.  

City-Data and Census.gov are solid resources, and sites like Rentometer can give you a good sense of rental prices.After that, I narrow it down to neighborhoods with strong fundamentals—good schools, low crime, and convenient amenities.

Nicholas makes a great point—having strong ties to a market definitely helps, and picking a random low-cost market without a network can be tough.

My father is a contractor so we will be able to complete most of the work ourselves while keeping costs low and add equity.

Securing funding has been challenging, particularly because my business documents reflect low revenue from only one duplex, and I am currently between jobs.I have identified a reasonably priced piece of land and have saved a small portion of the funds from my duplex sale to invest in this venture.

The newest outdoor is still advertising 1st month free as they haven't filled up, and I spoke with the climate controlled owner/builder yesterday (he's a pretty big REI in the area), and he made it sound like he hadn't leased a single climate controlled unit since they opened a few weeks ago.I recently purchased a 140x45 warehouse with low ceilings and had debated doing self storage, but my market seems very saturated.