Depending on what advisor you speak with you will get opinions ranging from 1 to 2 years for holding purposes.  

I don't know much about the Peninsula or South Bay but I have seen some deals in the East Bay in the high $600,000s to $700,000 range.

@Ben Russell- thanks ..ARM rates are definitely higher / worse than fixed rate options  ( especially on invst properties ) ...Use the  30 yr fixed option and make sure you have the delayed financing aspect figured out ....no way you will be able to get mid  6% range at this time 

I've seen lenders exempt years spent in college as "work history" but the borrower would still need to have sufficient funds/reserves and a solid credit score. 

I have worked in sales for several years, and am used to this, but it still frustrates me at times.Set your offer range and stick with it!

The top dialers are going to be in the same price range, batchdialer, mojo, readymode etc.

Sounds like you have sufficient seasoning.

Definitely doable in that price range. 

I meant I have heard east cobb is the desirable area but since 30064 is within the city limit,  I wanted to check if it's a good/decent area to buy a new townhome in 400k range.

Usually a 1 to 1 or 1.25 is standard..or the $1k needs to be sufficient to cover the PITI of the proposed loan.