I know around me there were many properties that didn't look like that great of a deal when purchased, but rents and prices have gone up like crazy the past 3-4-5 years, so what was negative year 1 is now double the purchase price in value and probably up 30% or more in rent. 

For a $50K cost of value add, my minimum expected return is double (so at least $100K value increase for the $50K cost). 

The numbers check out and meet our criteria, the only draw back I have found so far is it is located on a busier road that has a double yellow line.

Pros: possibly a good deal, since we're friends with the elderly landlord; could do less down with FHA, but payments would be double what we currently pay in rent (including the rent of other units) and would not cash flow; would have enough leftover to build the 1-bedroom ADU; Cons: no cash-flow; 2) Buy outside LA County, but still in California.

My 1031 target is ALWAYS to double my before-tax cash flow of the one I’m selling.  

That way he won't have as many refinance issues.There was a podcast not too long ago where they talked about a HML that doubled the interest rate after 6 months or 12 months or something ... just something to think about to light the fire (and make a little more for you in the deal, if it comes down to it).

As I said before, the things I'd double check are neighborhood, condition, and rent.

Our cleaners do an independent double check/walk through of every clean to make sure it's up to their standards.Some cleaners are obviously better than others.

To echo some of the others, make DOUBLE SURE the HOA doesn't have a problem with it.

Once they are approved by county you just added value to the land and now can sell for probably double or triple of what you paid.. the more closer the land is ready to break ground the higher the value is...