Theres still alot of folks from Bakersfield looking towards Tehachapi and alot of them are opting to rent or lease instead of jumping into a purchase. As far as viability it depends on the home owners basis and what property he/she is holding. With properties available in the $90-150k range in BVS, it doesnt really justify paying top dollar for access to amenities that a premium rental would allow you.
If the property the owner is holding has a low enough payment and holding costs (maintenance,association) are not too cumbersome then there is an opportunity to break even or generate cash flow. If the property would be considered a luxury rental then perhaps it is worth liquidating and buying else where at a discount and not having to worry about a rental that has negative cash flow. Best of luck to you! Contact me for a CMA or for a refferal to a pro that can provide a rental market analysis for you.