Just closed a sale in Lancaster. 3 units under 200K all occupied with solid tenants that have been there for 5 years plus. Cash positive, meaning the rental income pays for the mortgage and there is cash left, enough to regain the investment in 18 months. If you consider it, move fast as investment properties are getting an average of 4 offers per listing and sold quickly.
In today's market, if you can get an income property for $200,000.00 and it's in reasonable condition, go for it. Income properties are selling like hotcakes: as soon as one is put on th emarket, it receiveds multple offers and is under contract within 10 day.
good luck !!
In general, I would say if you look at Los Angeles like a big doughnut and you forget about the doughnut hole, you can find properties in that price range to the north, east or south. But sometimes it's not the whole part of an area, just street by street, and in that price range there are very often problems with condition.
Prudential California Realty, Los Feliz