Oakland/SF/Surrounding area help

[Wes Brand]

I realized that I dismissed Oakland / SF / the relatively close area out of hand -- thinking it can't possibly work because the buy ins are too high, and the cash ROI is too low, but I never actually seriously investigated how people who are here are making it work.

My constraints: 

600k max price for a traditional mortgage. No "house hacking" outside of SF proper. No personal sweat-equity rehab projects; I'm busy with my day job and I don't have time to replace a roof or install a new furnace myself (not to mention that even if I did have the time I couldn't transport it). This can be hired out, but obviously that increases the cost.

So, given my constraints, can it work? How does it work? Do the people who make the area work do the work themselves on a run down property, or do a FHA loan on a primary residence? Or do they only make it work because they bought in 3 years ago when the prices were lower?