I'm in the marketing field and wish I would have done construction.

Study the market.

But, the self-sufficiency test for FHA loans can be really difficult in SF, meaning that the market rent from units you will not occupy must be sufficient to pay for the mortgage payment. 

If things go sideways, you discovery greater rehab expenses, the market takes a turn for the worse, you can get in the red quickly. 

Recently, our real estate agent did a market analysis and estimates we can sell for between $575K-$585K, resulting in a net gain after all of our fees of about $100K.

I am in Tampa Florida so the investment market is huge here for both as well. 

@Shane Regnier I've flipped a bunch of houses in Ocala but have yet to dabble in the rental market. 

Would love to network with some people to get to know the area and the market a little better, as well as to hear about your experiences.

Plus is 4% even in line with market cap rates?

Instead of following trends, tailor your space to the lifestyle of your target market.