If you have grounds for a reduction, recent arms length purchase or neighborhood comparable sales that prove a discrepancy in value it’s an arduous, but not difficult process.

So here are my two questions:1) when analysing a market/city/neighborhood what are the 5 or 6 primary metrics we should be focused on (price to income ratio, population trends, unemployment, etc)2) What are some suggestions for great markets to start investing in now?

@Michele Greene, properties in north Orange County are a mixed bag, very much dependent on which city, which neighborhood, age, HOA, etc. 

In my grandmas neighborhood alone there’s so many new developments as far as shopping, student housing, etc.

And while the measure is just aimed at the city, she acknowledges other areas, particularly urbanized but unincorporated Sacramento County neighborhoods like Arden-Arcade and Carmichael, also could be prime targets for more renter advocacy.But Jim Lofgren, senior vice president with the California Apartment Association, said rent control distracts from the bigger need of building more affordable housing.

You certainly can refi sub 50k properties but it will require you to shop banks a bit.

Unless the neighborhood where your property is located has experienced a dramatic shift toward higher income residents, there is no cosmetic upgrade that will give you a return on investment.

I would shop around if you can to try to find a bank that will lock in at 7-10 years. 

I'd go to zillow.com or one of the other biggies and look for comps in the same neighborhood, especially the "recent sales."

In general, the property doesn't stand out from the solid middle class neighborhood it is in.