Temecula guy,
I looked for something no one else wanted. It turned out to be a nice craftsman cottage, 67k in gentrifying neighborhood.The previous owner paid 109k one year earlier. My broker got me a 5.85% loan because BofA had not been nice to people of color previously so they had to give discounted rates to anyone who bought in that zip code. I told the appraiser that the house was worth 85k and he wrote it up that way. I kept quiet and after the close of escrow demanded that PMI be stopped. They refunded me all the way back to the first penny and lowered my payment.I was very ignorant actually regarding markets at the time. I decided I would sell when my profits equaled one year of my wages! 300k later the market peaked.All those lost rents, and rents did almost double after I sold. LOL