For the latter, my current plan is to focus on areas where there is a growing millennial population and a need for affordable housing. 

Here's some posts I've written to help Bay Area investors like you get the pulse for what's going on in Sacramento:https://www.biggerpockets.com/forums/621/topics/396725-millennial-migration-to-sacramento-2017---here-comes-the-rushhttps://www.biggerpockets.com/forums/621/topics/586279-investing-in-sacramento-or-stockton-which-one-is-betterhttps://www.biggerpockets.com/forums/621/topics/585796-sacramento-rent-control-101-everything-you-need-to-knowhttps://www.biggerpockets.com/forums/621/topics/590913-rent-growth-in-sacramento-is-triple-the-national-averageRegarding Oak Park, here's an article about the gentrification and some of my thoughts on it:https://www.kcet.org/shows/city-rising/the-gentrification-of-sacramentos-oak-park"A new mural rests on the outer red brick wall of Arthur Henry’s Supper Club in the North Oak Park area of Sacramento.

Here are some articles I've written about Sacramento to help get you up to speed on the market:https://www.biggerpockets.com/forums/621/topics/396725-millennial-migration-to-sacramento-2017---here-comes-the-rushhttps://www.biggerpockets.com/forums/621/topics/586279-investing-in-sacramento-or-stockton-which-one-is-betterhttps://www.biggerpockets.com/forums/621/topics/585796-sacramento-rent-control-101-everything-you-need-to-knowhttps://www.biggerpockets.com/forums/621/topics/590913-rent-growth-in-sacramento-is-triple-the-national-averageFeel free to ask any questions about the Sacramento market or the investing process of buying and selling real estate and we'll be sure to get you pointed in the right direction :-)

Millennials are starting to move out on their own.

Thoughts of some greedy jerkoff millennial offering you 20 grand on your 100 grand house come to most people’s minds

With an increase in home/apartment construction to accommodate the even larger generation, the Millennials, there will be a huge surplus of both homes and rental units on the market.

Sacramento is a great market for multiple reason... rent growth rent triple the national average, plenty of appreciation coming from Bay Area migration of millennials, tech companies moving out here and tech employees from the Bay Area working remotely out here, and if the high speed rail project gets completed in the next 10-20 years and connects Sacramento to SF in less than an hour the Sacramento market will absolutely EXPLODE.Plus, beginning investors like the idea they can go and visit the property any time they want, specifically in an emergency situation.

In my mind, Portland has many similar advantages to San Francisco - geographic constraints to spreading (rivers, mountains), difficult development requirements, a young workforce and better than national average population growth projections, and a "coolness" factor with tech workers and millennials that one can't simply create by declaring oneself a tech hub. 

I'm concerned with millennials buying new cars on 7 yr notes instead of paying there student loans.

We millennials are a generation in transition.