Some models I've seen have things so far diluted (not to mention complex) that once the smoke clears, the returns pale.  

Wholesalers serve a purpose…They supply “rehabbers” with many times vacant run down houses that need a complete overhaul to bring back to market standards.

If your broker supplies the overhead, E&O insurance, training, etc they why would you expect them not to make a cut.

You are in a competitive market, so good luck ... but the good news is that supply and demand cuts both ways: that which is hard to buy is easy to sell or rent and tends to appreciate well over the long term.

Thanks for all your inputs.What I think I'll take away here is stay away from properties in poor school districts unless the numbers are just smoking.

Also, an electrician that I was rather impressed with (manners, presented his insurance and license from the start) came up with this quote which threw me back at first:6 recess cans in living room4 recess cans in kitchenInstall (3) 110volt smoke detectorsreplace/extend switches and receptacles after drywallGFCI protect kitchen sinkDemo wires in wall to be removed (wall removed by other)Total $1795.00Personally, I don't think I need 3 smoke detectors in a single story 1100sq ft home and that I could get away with 4 recess lights in the living room and 2 in the kitchen (keeping a chandelier for the dining area).

I would have given these a shot but could not find local supply at a reasonable price.

Only if they smoke and have 5 cats.  

Real estate crashed about 25-30% in market value in 2008 and some say that was the tip of the iceberg but it's hearsay and as @Simon Ruiz mentioned there's still cranes everywhere so demand is still greater than supply in LA.

You can still buy  the full one-piece units at plumbing supply houses.My guess is there is no wall board behind your existing unit, as they are installed directly against the framing.