Buying a condo in high COL area for first home

[William Forbes]

First time home buyer here. Looking to start with my first deal in San diego, CA by buying a condo for myself and S.O. I've been running some analysis and on most of the deals available (it's still a hot market down here regardless of C 19) and the rental values are usually $200-$400 lower than the mortgage cost with FHA 3.5%- conventional 5% loans. Is it still smart to buy a condo even though if we rent it out we might be paying to make up the difference down the road ?

Thanks for any advice!