Fair warning though, the tenant base can be tough and the price point comes with its challenges. 

There are opportunities here in CA but patience is critical.If you have challenges with the location you are talking about, and choose to throw in the towel, what is your exit strategy?

She suddenly remembered wires that she had forgotten for her TV (she had 2x 5" holes cut out of the feature wall to hide her cables, without asking) so it was easier to have her reputable painter guy pop in and cover up the holes and remove her last items without me having to see her again.My fault for not just getting it done myself I suppose but she is the sort of tenant that uses Court Action in seemingly every sentence and was seen taking pictures of everything when she left and even took a picture of her notice taped to my front door so I was trying to minimize any court action by at least keeping her in the loop of all the damage so I could get her replies by text to use if she decided to challenge my return deposit amount.She did admit to the burns in the carpet (stupidly putting hot coals from the fire in a plastic home depot bucket) and argued that it wasn't cat urine but vomit as her cat had cancer (but obviously didn't think to clean them or have them professionally cleaned).  

@Jack B. after comping property that is or will be available we look for a unique price point. 

Communicate Your UVP (Unique Value Proposition)3.

My situation is unique in that my wife’s job gives us a place to live and they do not charge us rent or utilities.

But that’s exactly how it would be if you would have done it all on your own.The challenge is buying the distressed property at a reasonable price.

Wholesaling is definitely possible in the Bay Area although from what I can tell it is more challenging than in other markets.

My challenge is that I have a relationship with a Realtor who knows the area and specializes in new home sales. 

Most investors are primarily concerned with the person, then the deal.The challenge is that you are working under a challenging restraint.