If you find a great deal that you can afford, you are insulated to some degree from the short term market fluctuations, and can afford to hold through a downturn to make it to the longterm, which looks beautiful for investors in SoCal IMHO ... and if there is no short term dip your ROI is even better by doing things this way ... heads you win big, tails you win small. 

And insulate the pipes.

I like to take this approach with each one of the different scopes of work, plumbing, HVAC, electrical, structural, drywall and insulating, flooring and tiles, cabinets and countertops.

They then paid to insulate the ceilings between the 14inch floor joist with a Corning quiet product.

Or that their insulation hasn't been upgraded in 20 years and the kitchen vent is venting moisture into the attic causing higher electrical bills...

Insulate all the walls and ceiling, add electric, drywall to be installed and a building permit.A detached garage will have many of the same issues.  

I took good used mobile homes and remodeled them like a stick house with all new wiring, plumbing, vinyl siding , new insulation, sheet rock , a complete remodel .

There was some damage to a 1960s addition added to it, and it needs central heat and air as well as insulation upgrades.

The scaffold builders and insulators tend to have Spanish as their primary language.Decorate that room like Hugh Hefner would.

Once all leaks are sealed, adding insulation is next in the order ceiling (attic), floor (crawlspace, unconditioned basement), wall.