I think you need to have property management included in your analysis in order to have some confidence in your calculations (even if you intend on manging the property yourself).

It would be difficult to mange from another state.  

This will be the easiest to mange and handle if it's going to be one of the few you have.Avoid the sub 50k turnkey that promises you something like 8-1k mo in rents, this will not be a good investment for someone just starting out.

@Albert Ng just so I'm sure I understand.

@Albert Ng  I am not sure whether Bay area is good market at this time.

@Ben Ertl  if you and your future wife are going to be living there, spend a little more and get a better neighborhood that is easier to mange.  

Good advice all but like @Albert Ng said I will just have to go experience it for myself.

Just FYI, the funding fee varies with where you earned your entitlement (reserve/NG, vs active) and if you have any VA disability (10% and there is no funding fee).

@Ben Ng hello and welcome!

@Patrick Ng [thank you for your service] have you looked into the VA IRRRL ( https://www.benefits.va.gov/homeloans/irrrl.asp ) it may help you refinance your loan on the property.