The chart is correct, Austin has overbuilt multifamily units and it will take a few years for the supply and demand balance to return.

To the west is also popular, like Pooler, but I'm not familiar with regulations.You could do Mid-Term Rentals, 30+ day anywhere for now.You could house hack and from what I understand, there is no restriction if the unit is owner occupied in some form.

My name is Paul and I'm the Director of Marketing for Oakwood Management Company, the largest PM in Central Ohio and Columbus with 12K+ residential units under management. 

That is really the way that YOU will manage the property as opposed to how the property management company did it.Good luck with your rental unit because there are a lot of laws that affect the CA landlord and renter, including more city/ local areas.

Investment Info:Small multi-family (2-4 units) buy & hold investment.

Hey Becca,Have you looked into Additional Dwelling Units out there? 

Also, based on the new regulations (1 of the 2 units must be owner-occupied), how do you think this will impact the home's value?

Many years ago I was speaking at an IMN convention on a panel where the other three panelists had more than $1B of notes under management.

Building is in great shape - metal siding, metal roof, new HVAC unit in 2018.

As far as renovating a basment to be a  separate unit i recommend working with a licensed general contractor.