Expensive hot market vs Affordable cash market

[Crystal Cody]

What would be your investment strategy to scale the quickest and why?  

Choice 1: Smaller and "more affordable" market. Purchase 2-3 properties cash and renovate each property to have ~120K equity in each to rent and refinance/sell later (BRRRR). Rents averaging ~$1000 - $1300 per home per month for single family homes.

Choice 2: Hot and expensive market. Purchase 1 property- requiring a 100-200K loan on top of cash payment to rehab and acquire property. Comps in area 500-600K with high rent potential ~ 3000 - $3500 and refinance/sell later (BRRRR).