[quote=Kingside]What gives me peace of mind is buying at the right price from a cash flow perspective, not the location.[/quote]

^ This.

Paying $380k for an older SFR rental would be a profoundly bad decision. Factoring in very long-term maintenance (30-40% of rent – no exaggeration), you’ll be in the negative for the next 30 years, and don’t count on any appreciation for a while. I would sooner buy a boat, and that’s just crazy. If you must buy close to home, older Carlsbad condos will cash flow decently.

If it’s passive income you’re after, go cheap. And if you plan to have someone else manage it, think about Riverside county or a more landlord-friendly state.