My first response was holy shit! Where in LA can you get rents like that? Then I saw 8BR house and now I'm really curious. If you want to pm me to satisfy my curiosity, it might change the advice I have to offer. Otherwise, this is what I have for now. I know LA well, even though I'm a Bay Area transplant.
I had to google 5/5 ARM just to be sure what it is.
Is there a cap on how much the interest can increase at the 5 year mark?
Is there a penalty if you leave the job?
Any prepayment penalty at all for any reason?
How close to the new work building can you afford to get?
What if the building is delayed and you have to commute to the old location for longer than expected? What's that commute like?
Barring any crazy answers, I'd totally do it, but only under
one two condition(s): You promise to only put 20% down. Because the loan rate is so favorable and the payment affordable, especially if you have a roommate (more on that in a sec), you would be wise to invest the difference. Plus, leaving yourself with only $20K after DP is too damn tight.
You must also pay strict attention to the HOA fees and the Reserves before you buy and you must promise to join the HOA Board, or at the very least attend the meetings, but being on the Board is preferable. You can really learn a lot that way, and possibly save yourself from an expensive mistake or even prevent a special assessment (#askmehowiknow).
And depending where you live, I might know a great roommate candidate for you. Paging
@wooljaguar...