None of those areas have enough housing.i was forecasting a moderate year in terms of rent increase of $100/month average.  

A common rule of thumb is around $30 to $60 per square foot for light to moderate renovations.

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The other California investors with more moderate incomes bought years ago and have built wealth from 30+ years of appreciation and small mortgages and their rental income supplements their pension or Social Security and retirement accounts. 

Light to moderate. 

If you’re okay with moderate negative cash flow as a "forced savings plan," that’s fine, but I’d advise setting clear boundaries on how much loss you’re comfortable with per year.

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