I've developed over $100 million in commercial and investment real estate in my career and I've got some unconventional advice you won't hear everyday...if you want to win in an ultra competitive real estate investment market...overpay.  

I went to school at EIU, students had places they wanted to rent, even though it might have been a little farther away.Then honestly compare the different units AND their layouts.An awkward layout can kill people wanting to rent a place.What is your competitive advantage compared to the other local rentals?

It's a competitive market I understand but there are now some properties sitting on the market with price reductions. 

Generally speaking it takes more vision or creativity in LA for investors to locate and or create initial cash flow vs the non competitive areas. 

did the competition managed to match your level of renovation/design?

Rehabs are the more favored option but they are harder to find, mainly because of the competition for them.

Houses for sale give you an idea what the competition will be.

People pay all cash here and the competition is intense.

At a purchase price of $343k, it's a 10-cap.At a purchase price of $500k, it's a 7-cap (6.8%).At a purchase price of $750k, it's a 5-cap (4.5%).At a purchase price of an even million, it's a 3-cap (3.4%)But without knowing what a competitive cap rate is for your market and the specific neighborhood, I can't tell you if any of these cap rates are good or bad. 

There is less competition there and you do not need any  prior experience."