We have two different types of properties to find. We will definitely be buying a rental or two in Temecula, but we may also be getting something for ourselves for 3-4 years until it becomes practical to buy in Carlsbad, where we want to end up.

For a rental the most important consideration is age (for low maintenance), then neighborhood (for higher rent). I wouldn’t look at anything built before 2000. 4-bdrm, no view, small lot, no pool, 1800-2400 sq ft.

For the residence (and eventual rental), the neighborhood is most important, followed by view and then age. Ideally it would be on a golf course, 2200-3000 sq ft, 3-car garage.

I don’t think you’ll need to choose between the dream and the deal. Wait 4-6 months, and I’m guessing you’ll be able to get the dream for $250-280k. The “deal” you linked to is still overpriced, in my opinion.