Looking to invest in San Diego, any tips?

[Gustavo Munoz Castro]

Greetings BP folks! My wife and I will be moving to San Diego next month, we're expecting our first baby and want to be closer to our families for a bit during the first year (I'm originally from across the border in TJ and have "some" knowledge of SD). We own a couple rental properties in the Seattle area and would love to get a new property in the San Diego area while we're down there. Low and behold, the stories about San Diego being an expensive market are all true. We have access to an FHA loan for $440K and have about $100K available for downpayment and/or rehab. Our goals are to get a property where we can live and/or house hack, and once we move away at least break even as a rental. These are the options I see for us after doing some basic research:

1) Larger home with a granny flat. Putting the rents together would approximate breaking even or maybe just above. Something like this: https://www.redfin.com/CA/San-Diego/350-Las-Flores.... We did this with a home in Seattle and it ended up a great deal in a C neighborhood.

2) Two homes on one lot. Variation of the above, something like https://www.redfin.com/CA/National-City/National-C.... Less permitting issues and the like.

3) Off-market. Find off market SFR's or MFH's that need rehabbing and try to get those with hard money/private loans or maybe even 203k. I have experience in prospecting for sellers so this could be an option, not sure if we can get to my price point though.

Main issue I see are the neighborhoods. Trulia crime map says south National City is "safer" than North Park but I just remember folks saying to stay away from National City. Are there any "up and coming" neighborhoods I should be taking a look at? We're pretty adventurous (we house hacked our last home in Seattle in a C neighborhood and it now cash flows $800 per month).

What do you think of our plan? Crazy? Doable? If we're not planning on living there long term, is it ok to buy in a C neighborhood in San Diego?