Fortunately, there are objective criteria you can use to evaluate a location, which is illustrated below.

I've had my fair share of restless nights and candid chats with my wife throughout these past few years but ultimately I always chose to take a risk so I could make some sort of progress.

I believe that you should evaluate other options than jumping into coastal CA RE at this time.  

Have an investor friendly Realtor start showing you potential properties within your criteria and price point and evaluate deals daily.

@Youssef Labib I'd recommend expanding your territory and start looking at tertiary markets in the path of progress.

Agree with @Rick Albert.Project your ROI from renting for the next two years, and then see what your options are for a better return elsewhere.If none, then keep it as a rental for two years and then re-evaluate.

I want to know if the area I'll be heading to in NJ has any new developments planned or maybe even in progress.

Having stuff filed at county and allowing you to progress with rehab (barring and city or state specific details) would work just fine in my opinion. good luck @Jonathan Mason

A strong sponsor team will have already evaluated the property to ensure the cap rate is comparable to others in the area, but you could double-check that your property isn't’ 4% while others are 7%.#2 – What’s the reversion cap rate?

The building I’m evaluating has a certificate of inspection from the state of NJ (green card) which says it has 4 units.