That market has cycled out for the most part.  

Build the cost of replacements and upgrades into your purchase price.Real Estate has a 10 year life-cycle so invest in a property for at least 5 years and plan to sell within 10 years (you don't have to sell, but plan on the value peaking within the next 10 years and then "correcting" back to a lower price point).Live and die by the numbers.

A Laurel Oaks does not have the life cycle of say a Live Oak.  

But I'm am filled with a blazing determination, confidence and resolve that I am about to break that cycle and WILL NOT let that happen to her. 

Download IRR viewpoint report and consider where we are in this real estate cycle.

If you are GAMBLING on APPRECIATION, you will eventually lose to the market crash that happens every cycle.

That portion you would be responsible for going forward.Here taxes are billed in November so if I bought a property in August 2016, at closing the sellers (if they were not on a payment cycle and paid in full on nov-2015 for the coming year) would get August 2016 to November 2016 back.

New builds are a good predictor of being at the top of a cycle.

My thoughts are if you want investment - you can expect return in two ways 1) Appreciation - for which historically, CA has been good (even through an up and down cycle)2) Cash Flow - CA is not cashflow friendly without risk - by which I mean that you have to put a low down, take a mortgage, and then from the rent deduct all expenses to get return on your downpayment.  

I'm not necessarily suggesting that the loan term needs to be that length, just that this is probably the typical cycle I'm looking at for an SFH deal in our market.