FHA Investment / SF Bay Area

Hello BP

My wife and I are in the process of buying our first investment property... in fact just had our offer accepted in San Leandro (duplex). We are using the FHA loan so we can repeat this process and let our money run further... whether those future investments are in the Bay or anywhere else in CA really.

My question is.. are we crazy buying in the Bay considering we are house hacking with a FHA? Feel like it may take time to get to cash flow considering any duplex in the bay usually goes max for the FHA limits. How can a beginning investor consider all the factors that might limit our velocity in this venture... or overall success? Is this market too expensive for this strategy? Or long term is it still worth it? Needing to hear another voice of reason before we talk ourselves in/out of this deal.