You save a lot of time and hassle with properties like this, which indirectly also equates to $$$.I am not as familiar with O.C as I am with S.C.  

I’m trying to evaluate these places as an investor (e.g. factor what my room would rent for into the equation) to ensure the deals make sense.With DC being so expensive I am looking to put 10% down on a 3 or 4 bedroom townhouse in the 300-400k range (since a multifamily here under $500k is unheard of).

That's not too bad, especially if you're holding, you'll make the money back in cash flow, taxes, debt paydown and appreciation (though in this scenario, appreciation may take a bit longer.)So that's the holding piece of the equation.

If you need to build capital, sure, you could do it with wholesaling but getting your license is not hard.Also, research doesn't equate to understanding how an actual transaction will function from start to finish.

If the other 30% equates to a fairly large number that could support you if somehow all real estate was lost, then you are doing fantastic.

My question about being a student was mostly because I read somewhere that they may count my "student" time into the equation - let's say if I just got my first job w/ my degree.

But, it is also a risk-reward equation.

You're giving up half of the equation (control) when you  invest out of your farm.By the way, we just closed on a 4-unit building in Oakland with two vacant units, and the lot is big enough to build 7 more units.

That's a big part of your equation.  

I ask because I've seen people saying they like $100-$200 per door but if that equates to 3% COC return that's no good.