More rooms in smaller market or less rooms in bigger market?

[Matthew Mulrenan]

Hello everyone, I have a question I would love to get everyone's advice on. How should you prioritize the size of the property versus the location when purchasing properties in hope to rent them out?

In New York City you can purchase a 1 bed 1 bath in a great area for $500k. In other cities, you can purchase a 3 bed 3 bath for $300k-400k.
For example,New York has great rental numbers and has shown also to have a good occupancy rate, but you sacrifice size. Other areas might lack in other amenities but you can purchase a bigger property. Is there a way to calculate the best decision? Thanks in advance for your help.