It's absolutely possible, but you'll need to be a bit aggressive in searching for such properties in Los Angeles proper. That being said, you might consider South LA, or some sections in the northeast--Glassel Park, Highland Park, etc. You can also look at Rosemead, El Monte, and sections of San Gabriel. having that much cash is great, but LA is still really expensive. If you are considering either condos as well, you have more opportunities. If you're interested in receiving listings to get an idea of how much money will buy what, I'd be happy to send you that info.
Feel free to call or email me with any questions any time
Keller Williams Realty