The only draw back is that it lacks of large corporations or high pay job opportunities. 

The main drawback to this from what I’ve seen is that when rates drop, if you want to refi, you would need to have 75% LTV (25% equity in the home).

Here are some considerations:Advantages of purchasing a primary residence include stability, tax benefits, and potential for appreciation.The drawbacks are High prices in California, opportunity cost, market uncertainty,Pros of investing in real estate include diversification, cash flow potential, and potential appreciation.Cons include management responsibilities, market risks, lack of stability, and so forth.Determine your long-term financial goals.

You would need to put at least $27k (15%) down plus closing costs and prepaids, so I guess that's the drawback if you don't have enough funds. 

There're also few drawbacks of 401k from investment perspective:1.

The drawback is I can't get a car in my garage (lol)...

Losing the low interest rate is the only drawback, but I think the tax-free gain more than makes up for that.

That impacts your reach.The only obvious drawback that I can see, other than price, is the two lane highway in front of the house. 

It may be wiser to consider leasing the property to a farmer.The one major drawback I see is how tiny the property is.

There seem to be drawbacks to both but I wonder if it would be easier to just build my first unit in the house I already own.