Look to Murrieta/Temecula to see the future of San Diego. Properties there are very cash-flow-positive, they’re being bought up by investors, and the rental market is being flooded. For example, check out the apartment conversions on Madison in Murrieta. Tons for sale at seemingly great prices (which will continue to drop, IMHO). Now do a search on the inland empire craigslist for “madison murrieta”. Watch that for several months, and you can see rents tanking.