We are sailors ourselves but availability always seems pretty limited (ie, lots of demand) when we look.

@Surendra Chawla and @Anand Krish I've owned a couple houses in Queen Creek thru the downturn of '08 and the rents increased because of heavy demand for nice SFR homes in the area. 

In DFW for example the typical C Class property is now selling for say $60k per unit but again that still depends on the size of the units and specific location/sub-market/demographics/supply/demand/cap rates in the area.

But the idea is that once minimum wage reaches $15.00 an hour people will have more disposable income for rent.A downside of investing in socal(SGV specifically) is that you need a lot of cash to play.

I gave up on playing games with the sharks swimming around the Denver Metro.

Show them you are in good standing.If the rental is in high demand (you have multiple prospects) remind them that they don't have the apartment until a deposit and lease are signed and that other tenants are interested.

You can plan on having some regulatory stability for at least the foreseeable future, and there is pretty good demand for short-term rentals in the town.

If that area, which is a good area to begin with and near a lot of awesome attractions, becomes a hot spot then any rental close to that hotspot would realistically be able to support a higher rent with a higher demand. 

I would say it's a high risk / high reward play.

And definitely read some of the many BP articles about running your numbers, and start playing with the BP calculators!