The distance destroys any additional opportunity you're reading into listings there.

You can successfully and fairly easily manage an STR out of state, however for your first one I think it can be helpful for it to be within driving distance (3 hours or less) and it will simplify filing / paying for taxes and tax preparation.

., how much cash do you have to deploy and what is your price range to purchase, do you want to invest locally or at a distance, what ROI are you looking to get on your investments and does the inventory in your market support that, are you looking for turn key or are you trying to force equity into the property, are you looking to house hack or are you doing a 20% down and rent it out right away. 

I recommend reading “Long-Distance Real Estate Investing: How to Buy, Rehab, and Manage Out-of-State Rental Properties” - I found it to be very helpful when I got started investing 2.5 years ago.

The house is in a pretty great neighborhood with excellent schools and options to commute to most parts of the bay area and I am confident that I will be able to rent it out soon. 

I started listening to Dave Ramsey on my 1 hour commute to and from work. 

I'm looking to get educated in out of state/long distance rental properties.

Attempting to manage it from a distance is going to cost you a lot more than the PM fees.

Rent until tenants move out then sell it and reinvest long distance.

Doing all this from a distance, especially as a newbie, can be challenging to say the least.Option 2: Buying a nice rental property (maybe with cash) in a good area.