Am I on the right track? What are your thoughts on this San Diego property? (link included)

[Dr Democracy]

I found this forum about a week ago, and I've been reading through it every since.

To give some quick background, I expect to have a small amount of cash ($50-60k after taxes) sometime this July, and plan on purchasing as many multiplexes as I can with leverage to create some supplemental income from rents. My goal is to live as frugally as possible, and continue to save money for down payments on additional properties.

In a year or two, I will be moving to San Diego, and plan on buying a house to live in for at least a few years. After that, my plan is the sell the property and hopefully turn a decent profit. If my business plan is sound, my constraint will be my capital (like most people, I'm sure), so obviously a FHA loan with 3.5% down sounds pretty appealing.

Here is where my post becomes pertinent to the rehabbing and flipping forum: I want to purchase a house that needs work done, and do all the work myself while I live there. I'm not a carpenter, but I am pretty handy. New carpet, lawn installation and maintenance, updated lighting fixtures, paint, or maybe even a patio or deck installed are well within my skills if I have the time to do it (which, living in the place, I certainly would).

I've got a friend who will be going to med school down there who I plan to live with, so when you factor in $800 or so in rent from him, PITI will come close to what I would be paying to rent a place anyway.

Assuming thus far that this sounds like an intelligent plan (and if not, I'm all ears), here is an example of the type of place I would look for:

http://www.realtor.com/realestateandhomes-detail/5372-Barstow-St_San-Diego_CA_92117_M20640-37129

Basically, it looks like it would be a really nice home if the interior was cleaned up, a green lawn installed in the front and back yards, and on top of it all, it's a place that I would like to live in while I'm fixing it (unlike my rental properties, this is one aspect where emotion will factor into the decision).

Also, what is your opinion on properties with a pool? Are they a big selling point in a home? If not, are they even a plus?

I'd love to hear your thoughts on whether I'm looking at a good idea here or not.

Thanks,

Tom