I like these amongst ,many other right nowREXR - (Rexford) they are a niche (sub-specialist) in industrial warehouse/distribution/manufacturing in the southern California only urban or Infil area, they are not international like PLD - prologis, their MOAT is that SO-Cal has geographic limitation to new inventory, so they have rent pricing power that industrial in rest of country doesn't, also 26 million people in so-Cal and the 2 busiest Ports in country, their earning/revenue projections next few years are best in class, and they are cheaper on price to book than PLD or others, I own some and will buy a lot more in upcoming Recession, likely in next 6-12 months, when publicly traded equities will likely slide by 20-30% although their assets (physical buildings) are only going up in valueVICI- (casino REIT), used to be part of Cesars palace, then Caesars spun them out in 2018, to do sale leasebacks of their properties to take all that physical capex off the books.

virtually everyone doing mobile home flips in So cal has heard Andy’s presentation.  

These retail purchases have done great.ROI in coastal So Cal has been incredible.  

It does not matter if you use 3 years or 50 years (or any amount of time in between), So Cal has had a higher REI return than virtually anywhere in the US and definitely higher than any place you are buying for under $200K.  

So I argue (and the numbers back this up) So Cal has been the better value for buy n hold investing.Again this is not to say Vegas is not a good investment but your choice of data points to attempt to make your case is suspect.

EVERYONE is a flipper, and so cal has an abundance of people with a lot of ready cash to invest; and more often than not, they bid prices up over market value, thinking that because it's a fixer, there's money to be made. 

So Cal has a broad based economy, perfect year round weather, amusement parks, sporting events, universities, world class medical care, etc.

My partner in Indy (also from So Cal) has 1600 homes in Indy.

I know one of the biggest wholesaler/rehabber business (besides homevestors) in So Cal has over 3000 in his list, and his business is VERY successful. 

So Cal has everything for every RE investor, just more quantities of one type over another at different times.