With the winters we get here, it would be a struggle to find decent renters ($600 - $900 range) without a garage. 

Most 1031 exchanges in that range would cost much less than $1,000.  

Can you take a look at deferred maintenance on the property that you could also negotiate the seller down to the $400K - 450K Range?  

You tilled and wheel barrowed all that dirt in 5 hours ............at your age . ( I am 53)I start chuckling and said there were no "guys" just me and walked him around back and he saw the tractor ,  Hell no , I like big toys .Then he tells me he was getting prices from landscapers in the $ 3000 dollar range and they told him it was a 3 or 4 day job.

I think laminate floors are here to stay, at least in lower price range homes.  

You seem to have a wide range of experience(s) and would love some insight.

If there isn't a lot of inventory than Why don't investors, especially in the Los Angeles area run towards developments?

From what I hear, Florida is where old people go to die so inventory levels are probably quite consistent.

 In Cordova and Bartlett (Memphis) today although the inventory is getting tougher to find, you can 15% or 16% cash-on-cash return with 20% down and traditional non-owner occupied financing.

On a smaller scale it is fine but for us getting up into the 500 property range it just was not scalable.