I would not rent from individual who purchased a home during the bubble. When we moved to Irvine a few months ago, we targeted the Quail Hill neighborhood for a number of reasons. Almost committed to an incredible home at $4k a month, and then to a reasonable home at $2.3k. After running the records and figuring out what the monthly nut was for the owner, it was a risk I was not willing to put my family into.
On the flip side, find an owner in an older part of Irvine that is a long time owner, where they are using the rental as a monthly income stream.
Otherwise, play it safe and pay the IAC premium. They are nice places, especially the Village near the Spectrum.