Investing in two locations simultaneously: Innovative strategy or War on two fronts?

[Hunter Kahn]

Hello Everybody!

     I've made a couple of posts over on the "Starting out" thread but I'm here looking for some input on a potential strategy that I've recently started working on. I'm new to RE investing and it's been a wild ride with a lot of learning and new contacts in my phone and email. So I'm yet to develop confidence in discerning between a hair-brained idea and a good strategy. What I'm seeking here is guidance from the greater experience of the BP community. Thank you in advance for any help you can offer!

So, here's what I'm thinking. I have two areas in which I'm looking to invest: Kansas City, MO and Boulder, CO. The latter is my own backyard and the former is out-of-state but just close enough to make a road trip to if necessary. I've been in contact with people in both locations around the potential for each city. 

Boulder has low and declining cap rates, but appreciation has been quite admirable and there is a lot of potential for value-add in small multifamily in the area. Now, KC on the other hand has a cap rate that's about 1.0~1.2% higher and it has been rising in recent history. However, appreciation is lower and prices are roughly one-twentieth of what I'm seeing in Boulder. 

With these considerations, I'm considering a double-headed approach. I'm currently actively looking for multifamily properties in both cities. The approach with Boulder is to find a distressed small multifamily (3-4 units) complex that I can rehab and house-hack. Major benefits here are that I can decrease my living expenses and take advantage of the disproportionate appreciation. Simultaneously, I'm looking to get into a larger multifamily (between 6-12ish units) in Kansas City, MO to build up equity faster and get some cash flow as a bonus. After a couple of years, I will move out of the Boulder property, refinance it, and use the additional funding to acquire more property. 

Let me know what you guys think. Is this too much too soon? Ambitious but doable? Or a good idea? Any and all feedback/input is welcome!

Thanks in advance!

Hunter