You studied like crazy, sought out the advice of people who are doing what you’re wanting to do, studied some more, exercised a crazy amount of faith, and then just lept.

It starts out at say, 2%, then reduces every year it takes them to exercise and buy. 

You can also structure a sliding purchase price depending on when option is exercised - again do this in the option not in the lease.Or... since you're wanting to "tie up loose ends" you also may want to take that property with you to OKC and use it as the war chest to leverage your first rentals there.

They do not convey ownership until such time as I may (or may not) exercise the option to buy.  

Comparing these three markets without more information about the types of investment you want to make (asset class, cash flow, COC required, Cap rate, etc.) is a futile exercise.

It has been an exercise convince investors that NOW is the time to buy properties in our market while it's depressed.

It's a good exercise to go through, but I wouldn't buy it without knowing a lot more.

It's THEIR option, but the price is the price.They can still buy it at that price, with the bank financing what they will finance, and the owner of the option, now the buyer, puts up the difference.You, as the seller of the option, are under no obligation other than to honor the contract...which states the term and the price of the option.Notice, I only used the word "buyer" once, when the "option" was being exercised.

As an exercise, you can explore how much of the +22.6% increase (#2 in the fastest growing list at the link you posted) was added by changing the MSA in 2015 to include a NC county.  

You need to alert the tenant that they are a tenant and you are the landlord and you are exercising your landlord rights to inspect and show the property with proper notice.