@Lucas Gomez investors in California and Washington face the same question.You'd need to analyze the trends and get comfortable with the risks, but it's done all the time.

The other good news is you ca use the rents of the other units as income to qualify so you can essentially qualify for a higher home price.That sets up your next investment property as you move out its now a 2-4 unit with multiple doors bringing in more income. 

Many home buyers have to show substantial income to qualify for homes in high priced markets like California.

Still better than anything you can probably find in California.

While I overall agree with you, there is a case to be made that premiums will start to normalize:Namely, major insurers pulling out of the high risk areas like FL and CA are limiting their catastrophic events.  

I purchased a duplex in California with tenants in place.

The past couple of years as L3Harris has begun to move production/engineering from California to the area (cost cutting measure, not political), we have been seeing 10% appreciation yoy or so. 

My team can help in CA if you would like a quick review tomorrow. 

hardly, the market does fluctuate here but it's the most dire supply and demand market I've seen (other than some CA beach towns).

I sold a condo in the Bay Area because of the ever increasing HOA fees and bad financial management of the HOA - this went against my rule of selling off CA properties.