Since you're in LA, you might want to look into nearby areas like Riverside or San Bernardino for more affordable options.

If it's someplace like the laundry room in a single-story house on a slab, the pan may not be required by code, but the pan directing a leak to a floor drain might save the nearby carpet/flooring some day.  

Think about who your idea tenant is and maybe look for similar 3 or 4 bedroom houses currently up for rent nearby to see the finish inside and outside. 

Not this intrinsic RTP ratio, but if the area is growing, there are limited infill lots, vacant lots nearby are priced higher than others areas relatively.

We'd look at what the existing value of the property is the $ amount needed in repairs and how long that would take and the after repaired value of the property based on nearby comparable properties 

The one nearby eliminates lots of risks and headaches. 

Usually they are considering several areas for vacation rental investment, and are often from within the state or nearby California, Washington or Oregon. 

Or nearby that it wouldn't be crazy to bring it over to your property?

Than, vs debt paydown, I would consistently stock-pile, and than DEPLOY that capital, to be working for me.

I got $3,700 from current rentals nearby.