You are still going to get the best rate possible with your significant down payment and with good credit I'm assuming.   

i wouldn't tell you where you should move since i don't know you.also, a lender would be in the best position to advise whether you qualify for a specific loan. 

Quote from @Marc Zak: In the market where I live (San Diego), appreciation has been strong and many predict it will continue to appreciate in the long term.However, with current interest rates (6% at best) and property tax (2%), the annual cost burden is 8%.Am I correct in saying that appreciation has to be above 8% annually (plus whatever my maintenance and vacancy costs are) for me to make any money in this scenario if the property is cash flow neutral?

I think we have the best advantage because we are where many of the investors want to be and we can drive the neighborhoods ourselves and know where the transitioning areas are. 

Verifying last 2 years of rental history very important!

If you decide to move forward, best of luck to you.

UCLA has a very competititive one.

I have done quite a few different things, one of the best to find out who is doing the most volume is go onto good and search for the "we buy houses companies" in the area you are looking to invest.

Do you have experience and know the cycles of your market so you know the best price?

If you go this route, make sure there is a very very very wide spread because it's so high risk and easy to lose.