I would ensure your investment makes sense as a long-term rental as well - however this is hard because finding a cash-flowing property at the moment in LA is tricky. The 1% rule is becoming more like the .5% rule (or less) for new purchases. CA and especially LA County are always a risk in the STR space. With a lack of affordable housing and housing in general, local governments could crack down on STR properties because it is taking inventory away from tenants looking for long-term housing. Also, I agree with others above that getting a property that would be an attractive STR could be difficult for under $1M. Plus, at the current moment, you're likely to get into some bidding wars with buyers who develop an emotional attraction to a home whereas you should solely focus on the numbers behind the deal.
You popped back in my thread and I wanted to add I don't really think Tor is a STR location. People coming to LA want the beach or Silverlake area to tap into Hollywood. Outskirts got a bump during COVID work from home though people are going back to the office so that could dwindle.... Long term rentals ..yes maybe try and find a 4 plex though SFH as long term rentals are tricky in LA the prices are so high
Torrance is a nice suburban town in Southern Los Angeles County with a small beach at the southwest corner which is close to Redondo Beach’s Riviera Village which has great shopping and restaurants for tourists. People looking to stay NEAR LA for the majority of their stay will get annoyed with the back and forth from LA to Torrance. The biggest reason for people out of town to visit Torrance will probably be for the aerospace companies. Torrance does have a nice “Candy Cane Lane” neighborhood which is nice during Xmas. Overall, Torrance is a solid town.
I think Long Beach competes well with Torrance because there is more to do in Long Beach and is close to the Orange County beaches. Long Beach is truly the last "affordable" LA County beach town. It has it's own airport, multiple shopping centers, great restaurants, a beach with boardwalk, and arguably the best aquarium on the West Coast. It also has a thriving aerospace industry (SpaceX will be the latest) and there are some large companies that have bases in Long Beach outside of the aerospace field such as Mercedes-Benz. Long Beach recently loosened it's STR restrictions which is the cherry on the cake.
I live in Long Beach and know the South Bay well so feel free to ask questions.