I went through the process a few times: narrow down the list, go visit the properties, peak in the windows (or walk in the door if possible), calculate the numbers, pay for a lien search, etc...I narrowed it down usually to about 10 properties.

We see that in a lot of areas properties are still below their peak market values back in 2006, 2007 prior to the recession.

The market has been very hot and arguably we are at a peak/plateau for a while.

If it's an investor, we can( at least I don't) can care less as long as the tenant is out bye closing and there isn't a drastic difference in the condition of the property from walk through to closing. 

From the numbers I would be very close to break even or negatively cash flowing $50-100 (taking $200 and putting them in savings account for maintenance and capexp.Since I have no Idea what the market will do when rates peak I can also consider putting a Lease option on it. 

We had to shut down during our peak season and lost a significant amount of income.

I would advertise it on VRBO.com as a 2br and put it up as a weekly rental of like $2500-3500 per week in the peak season. 

Sometimes it works, luck, market conditions, whatever, but sometimes it doesn't.I don't have a good outlook for California in the short term just because we're likely at a cycle peak, although in the medium term, I'm sure it will remain a hell of a lot more expensive than Indiana.

I have a small bedroom about 9 bye 12 plus a closet and small hallway. 

Should I buy or say bye.