Purchase multifamily with low cap or invest out of state

[Mike Thoeresz]

I currently work in north Irvine and live in the west side of Costa Mesa. I'm renting a gorgeous house and I live on the second floor. I rent out the three bottom bedrooms so my rent is $855/month (nothing for out here for my quality of life). Last year I purchased an investment property in Indiana which is cash flowing nicely $300-$400/month. The renters just renewed their lease. I'm purchasing another one out there right now. I'm debating about continuing to purchase SFH's out of state or purchase a duplex/triplex/quad in OC and live in one of the units. The cap rates out here are brutal but it could be a good long term investment. I've seen duplex's in Costa Mesa for $750k; triplex's in Santa Ana for around $850; and quads in southern Anaheim for $800k. Southern Anaheim would be brutal but I could drive to work at 6:30am and workout before work. I work late so traffic coming home wouldn't be bad. I'm 35, single, make about $145k/year, and looking to get more involved in real estate investing. Would love everyone's opinion on maintaining a higher quality of life in Costa Mesa or purchasing multifamily in Santa Ana or southern Anaheim. Thanks!