Buying for profit makes absolutely no sense to me if banking on appreciation in SoCA. If you're unhappy living with your folks, I can understand the want, but not the numbers.
1. You admit to be indecisive. -1
2. You want cash flow, yet know you will not get it using the 1% rule/guideline. -1
3. You want to stop the tax benefits of contributing to your 401K -1
4. You are 35 and "only" have $150K saved. +/-1
5. You make $100k/year +1
6. Rent is $500/month, but you live with your parents +/-1
Add it up and you get -2. So no, buying for the reasons you stated is not a good idea.
Rents are pretty stupid when compared to salary's here in SoCA. Real Estate is almost worse since the buy-in so high, but then the houses are also mostly so old. Meaning they need repairs and/or updating. I would advise you not to just look at the mortgage payment, but also remember how much owning a home really costs. You have the loan fees, interest, tax, insurance, mostly higher utility costs, upkeep like landscaping, gutter cleaning, and of course repairs like appliances, plumbing, electrical, etc.
Congrats on getting out of debt and building a nice pile of loot. I hope you keep adding to it.
