Any thoughts between these markets? New to REI and could use some advice.

[Holly Ross]

Hi all. I live in Buffalo, NY and am closing on my first home this week. It'll be my primary for a bit, but I intend to turn it into an MTR when I move on to a new place.

I plan to buy my first investment property in 2024 (for MTR, LTR as backup), and I'm stuck between three markets at this point in my analysis. I'm almost wondering if it's an arbitrary decision – like maybe I should just choose one and get to work and the exact place doesn't matter... But thought I'd ask here in case anyone has some opinions or experience on the specifics.

A) Buffalo, NY – 0.61% price to rent. hometown advantage, lots of connections, familiar with good and bad areas. I'm priced out of the hot areas, but occasionally there will be a fixer or full gut job for ~100k if you act fast with cash. Or there are less desirable areas that may appreciate in a few years where homes are consistently ~100k.

B) Rochester, NY – 0.79% price to rent. Next city over (~1 hour drive). Less familiar with the area but close enough that I could take some trips. Seems to come up pretty consistently in real estate investing content I read / listen to. Median price is less than Buffalo, so I assume I could still find some good fixers occasionally for ~100k? 

C) Columbus, OH – 0.72% price to rent. Wildcard, but seems like this is slated to become a major hub within the next few years so appreciation could be great, plus several level 1 hospitals in the city. On paper this seems like the best place to get in early, but I just feel like I know very little about it comparatively. 

Worth noting: I know hometown advantage is huge, and I am weighing that but I'm ultimately not afraid to do the work to set up a team elsewhere. Even if that means moving there for a few months or visiting frequently... So though it's an advantage, I wouldn't say it should be the deciding factor. 

Anyone have any advice? Am I just in analysis paralysis and need to make ANY move? Thanks!