Not long ago it was nearly impossible to buy a property in Sacramento, CA with little money down and have it cash flow.  Previously it was a great investor market for quick appreciation, but it will be a little while before that comes back.  Fortunately for investors, with sellers having to compete with REOs, lower sale prices are allowing many properties to instantly cash flow.  Especially for the lower priced condos and multifamily homes.  There are many condos under 100,000 that have low HOAs that can rent for $800 a month.  Not a lot of cash flow, but at least investors are in the black until our market begins to appreciate again.  And we all know the potential for California Real Estate to appreciate!