I also was not trying to be all inclusive on the expensive counties (Santa Barbara, etc).There are many areas in CA where homes can be purchased for $300k, but they are not the areas that we listed as expensive areas (and as you pointed out where a large percent of the people live).  

I had lunch with a friend in a double wide modular in Santa Barbara CA that appraised for over $1,000,000 a few years ago.

Barbara

I still have those maps, including the one for pricey Santa Ynez valley are of Santa Barbara county that I used when I was hunting to buy a ranch.The final map was on the scale that I preferred, was mounted on foam board backing and is laminated.

I tend to get out to LA once a month or so are you ever in the Santa Barbara or San Luis Obispo area?

Not as high-cost-of-entry as Isla Vista in Santa Barbara, but likely not far off.Have you considered syndicating a deal with other like minded investors to buy into a larger complex/development? 

I recommend Barbara with Whippet Properties of Florida.

What would you do if the state or city passed a rent control limiting increases to 3% annually (see Santa Barbara rent control)?  

It might be a long shot, but I believe Barbara Corcoran lives over in Manhattan.

@Barbara Sheppard okay.