Bay Area: Can you start out by buying a condo?

[Erik Larson]

In the market for the first time. Looking to buy with low money down and rent after FHA or similar loan-seasoning. I currently live in Dublin/Pleasanton and commute to the Silicon Valley (Palo Alto) for a new career-job. Is it possible to improve the value and build any real equity quickly, say within a year or two in order to rent using a condo or townhome? Looking for something affordable in that area (laughable, I know). Would love to live somewhere near Mountain View or Campbell, but the market is just ridiculous for a home. Want to buy in the $400,000- $500,000 range and begin renting after a year or so. Any thoughts or comments are greatly appreciated! Thanks!