Happy to chat...being a local GC takes out a lot of the risk of the biggest variable for most investors (unpredictable rehab costs) and also allows you to consider more options than the average investor, with your rehab costs being significantly lower.

Co-living will be necessary due to housing cost. 

The short version is that you want a strong and diverse job market, low unemployment rates, a growing population, low vacancy rates and new development, affordability/cost of living, real estate laws and court system, good schools, and low crime.Check out the videos from Dave Meyers with BiggerPockets.

Typically starting with a smaller rehab budget of $50K or less (maybe a max of $75K) and avoiding a 1 to 1(or higher) ratio of purchase to rehab costs is recommend when you are first starting out. 

Take their ARVs and cost of rehab with a grain of salt.

Starting with house hacking is a smart move, especially in a higher-cost area.

If one tenant has been in there for that long, there will also be some serious capex and turnover costs.

I feel like there's still people trying to make BRRRR deals work close to the city and the truth is it's nearly impossible given prices, rates, and the cost of construction.

Of those four, two were lowered in a subsequent appeal. 

When I consider the risk and the rebuilding costs, I am surprised the insurance is not even higher price.We got a referal for our CA FAIR agent from the RE agent and they were real responsive.