@Nathan Caffero the answer to your question depends on so many unknown factors like: your goals, knowledge, experience, desired market, network, opportunities, etc.

Hi @Jennifer McPherson, You will not qualify for 1031 Exchange treatment if you were living in the house as your primary residence. 

I'm flexible on most parameters (exact area, number of units, amenities, rehab vs turnkey), because affordability will be the main factor.

Take a good look at factors like vacancy rates, operating expenses, debt service and any pre-rental improvements and repairs.

If you're factoring for this good job.I'd be more concerned with savings for reserves, cash-flow, and managing tenants expectations.

I qualify for the financing via the AirDNA revenue forecast (and the other usual factors like credit score etc).

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You should run so pro forma numbers factoring in the differences between the higher taxes, insurance, principle and interest and see if your money would be better spent buying 2-3 cheaper $100,000 rentals versus one $300,000 unit.  

One factor that is important as well is your current salary, since that will be a strong evaluation when the lender does your preapproval, they need to know how much you can afford and if your able to pay the mortgage most importantly.If you plan on buying out of state, you will be getting some cash flow, less appreciation than California.

@Lam LeCapital gains tax rates are 0%, 15% or 20%.You should also factor in state tax rates into your equation, especially considering that you live in California which has high state income tax ratesYou should also factor in if you would be subject to the 3.8% Net Investment Income Tax(NIIT)