Your tile looks pretty good for tile and is way better than having a lot of grout joints but I don't think granite would have cost a whole lot more after you factor in labor. 

@Mark Costa This is definitely true.

That can change cost a lot.

I can assure you its going to cost a lot more than what they say....  

I am from the Temecula area but I used to hang out in Costa Mesa.  

I see you're in Indiana so if buying would be cheaper or the same cost as renting I would go the live in flip route.

All my rentals are leveraged; yet, cash-flowing very well and yes, I have plenty of time for cruises and traveling abroad with a trip to Costa Rica this week. 

If it does need rehab you have to add the rehab cost as additional investment that you would need to pull back out.

During the life time of ownership it will cost as much or more than it will ever be worth inmost markets.

It is a life style choice that will cost as much as it will ever be worth except in unique high appreciation markets.If a owners buys with the intent of adding value to increase sale that is not within the parameter of what I describe as the majority of home owners.