I've analyzed about 50-60 deals in a 2 month time span, and I'm starting to think that maybe I'm not running my numbers right?

The supply could increase as a result of people who can no longer pay their mortgage trying to sell and capitalize on those all time highs.Historically real estate always increases over every ten year span, with ups and downs in between, because that’s just how inflation works.The good thing about real estate, as opposed to stocks, is that houses all rise and fall together.

Or is it possible to use income history from past jobs spanning 1-2 years?

Spanning two calendar years is another common rule of thumb.

Either way, it can be tough to really justify with one property, especially when there is no turnover and you are just collecting rent...If you make capital improvements on an investment property, you are supposed to depreciate those improvements over the appropriate time spans. 

So my area would span a 50 mile radius, from thousand oaks to san bernardino/riverside to orange county.I'd be willing to increase that distance a bit to find deals though.Where are CA outliers located?

My capex budget includes but is not limited to: roof 25 life span, floors 10 year life span, appliances and hot water heater 12 year life span, hvac 20 tear life span, bath and kitchen remodel 20 year life span.

(I'm pretty confident in being able to afford both downpayments within a rather short time span).After talking to a lender today, he was actually pretty helpful and told me that it might be better to look into the primary residence first, and then go into the investment property.

Floors have 10 year life span.

My project spanned a verrrrry long time and there was a lot of missed opportunity in lost rent.