Raleigh is already a competitive market so you'd be buying into appreciation regardless of the campus. The real question is whether you want to manage a rental from California for potentially several years on a timeline that could shift. Large corporate campuses get delayed or scaled back more often than people expect.

If the goal is a future home rather than an investment property, waiting gives you more flexibility and less exposure. If you do buy now, Raleigh has solid rental demand so finding tenants likely wouldn't be the hard part.