@Yael Tamari I was in similar situation in the start of 2015. I was in Malden MA at that time. I did the same research and come to same conclusion as you described in the option b. I took action quick and sold my MA properties last year. I relocated my self to Providence RI near Providence College. I then start building my multi family investment properties in Providence.Now I have 4 MF and two SFH in Providence RI area . I have fully rehabbed them and rented it out. This market will soon go up and investors are buying MFs in this area. The best part is you can get almost same rent you get in MA with some creativity. All of the homes I own is near the walking distance to the Providence train station. With that type of rent and lower price compare to MA the down side risk is almost nothing. There is great student rental market in RI. I am still buying and actively looking for more deals and partners in this area. I can provide any help if you need from my knowledge and experience. Good luck with your investing.