California

Gross yield of 4.35% is below the 7% LTR sweet spot; you'd lean on appreciation here.

Rent grew 2.1% YoY while values moved 1.2%. That gap drives whether yield compresses or expands over time.

Renter share is 45% - a deep renter pool means lower vacancy risk in California.

Median income of $95,521 sets the affordability ceiling on rent growth.