Investment property in downtown San Diego

[Luis F Hernandez]

Hi. Im trying to buy my first investment property in downtown San Diego . Does anyone have any advice. Is that a good location?

[Jared Espindola]

Hi all, hoping to piggyback on this conversation a little - hope that's okay. 

I'm planning to move with my sister to the San Diego area at the end of the summer. We still have a lot of family in Boston, so are only planning on being out west for a year or two before moving back. I've been considering the option of a long-term/live-in flip while we are out here as an alternative to renting. I have some (admittedly limited) experience in rehab but I'm confident that I would be able to take care of cosmetic updates to add value to a neglected but structurally sound property. Ideally I would like to fix up a place like this and then either move out & hold as a rental or sell & cash out on the sweat equity. I recently spoke with a lender who said with my current cash available for down-payment($40k) income/debt/credit etc. I'd qualify for a mortgage around $575k. 

My impression so far is that this might be feasible in some of the neighborhoods farther out from the downtown/waterfront area. (Example of a property I saw on my morning zillow search today: https://www.zillow.com/homedetails/1014-Kelton-Rd-San-Diego-CA-92114/17082323_zpid/). Does anyone have any advice or thoughts about this live-in flip strategy in this market/thoughts on what neighborhood would be a realistic option at my price point? Would love for someone to poke holes in my strategy to give me more to consider or any general advice would also be great.

Thanks!