Insurance is the moving target — fire-zone premiums reshaped hill-adjacent economics, and older multifamily carries seismic and age surcharges. Add Prop 13's flip side (your basis resets at purchase), city business tax on rentals, RSO registration where applicable, and trash/sewer lines owners forget.
LA weather is gentle on systems but the stock is old: galvanized plumbing, original panels, clay sewer laterals under mature ficus roots. Sewer-line reserves belong in every pre-1960 pro forma. Stucco and flat-roof maintenance run on decade cycles.
Vacancy stays low in rentable neighborhoods, but RSO turnover is rare by design — long tenancies with capped increases. Underwrite in-place rents, not market fantasies.
Soft-story retrofits were mandated for many buildings; verify completion status — pending work is a real liability and cost.
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