Even with the 'extra 9K' buffer you are starting with <20k spread.A few things, what if your appraised value is off 10%, your market softens either increasing hold time or squeezes your sale price 5%, those rehab maybes become definite and eat up some of that 9k, how does this deal look now?

May as well sit tight and save until the LA market softens up a bit.One other suggestion: how savvy is your landlord? 

I agree with @Michael S. Often

Real Estate as an asset class might get demoted though higher property taxes and more borrowers can afford as prices soften and interest rates go done.

Retail sales climbed 1.2% in July,but don’t get too excited because sales actually tapered off since the economy reopened and could soften further in the months ahead (in the absence of another major federal-relief package).

But if you have to wait for prices to drop and then go back up, you'll have to wait a little longer.So if you're buying something for a long hold, a "set it and forget it" proposition, it's not a terrible thing to buy now before prices soften in the next year, which many forecasters predict.

I fear that rental pricing in the core will soften quite a bit (going to get very competitive to attract quality tenants and fill vacancy).

Like everything else in economics, it depends.Many real estate investors (those looking to buy) were longing for the market to cool, in order to see some softening in prices and better cap rates. 

Then my question to you is, do your final numbers still work for a BRRRR if you pay the higher price, do get a lower sales ARV, and rents soften? 

In fact, I would expect more softening in residential multifamily in the coming months as CA's eviction moratorium is extended and mom-and-pop landlords decide to call it quits.Also, with $150K and a 10% down loan in Orange, you can definitely afford to get in the market now.