I thought I'd post our project on the forums, since you guys have been very helpful in sharing ideas and advice.
We picked up a 1960 3 bed/2 bath house in the South Bay (about 20 miles south of downtown Los Angeles). Homes here are mostly built on a raised foundation, with stucco walls and shingle roofs.
This one has already been updated to copper plumbing throughout, and ABS drains. Our plan is to: change all windows, doors, add laminate (since the old hardwood was damaged and painted over), add granite and tile to the kitchen, and repaint inside and out. And a couple french doors here and there. Pics to come!
Edit: Pics Attached..
Bedrooms waiting for mirror closets
Framing wall between family room and fourth bedroom