That said, you have to be comfortable with your risk tolerance - are you going to keep yourself up at night? 

@Mordechai ChaimovitzGreat points made above along with what @Daniel C. said referencing @Tom Shallcross's post on another thread.The context and variables for each individual investor will vary but many people are comfortable with getting a 2-4 unit that will reduce their out of pocket expense compared to their previous rent with the intent to do rehab and raise rents over time.

Get out of your comfort zone.

With that being said, if you're comfortable with a long term hold, San Diego and especially coastal, will always be attractive imo. 

The high HOA fee is already a factor, so ensure you’re comfortable with the overall carrying costs.Focus on the Land Value: Since the lot has development potential, you’re looking at this as a long-term investment.

Get out of your comfort zone.

Are you comfortable analyzing ARVs, purchase price, 70% rule, rehab costs, holding costs, etc

It’s better to have less rooms and to have them large enough to comfortably fit a queen bed.

There are good deals to be found, and people should invest where they're comfortable. 

If I were in your shoes, I’d look into leveraging equity in your existing properties or your primary residence.