***I think diversity in investments is a good thingAge: 40, with a relatively high effective tax rate. *** What does "relatively high" mean?

I'd take the leveraged position and multiple properties and diversity every time, but that's just me. 

Here's why:Philadelphia offers a diverse real estate landscape with a mix of residential, multifamily, and commercial properties.

“It’s part of the culture of Silicon Valley,” says Christina Kramlich, a certified financial planner and adviser at Chicory Wealth.

Difference in weather, culture, etc. might be too much year around for you to enjoy.

It's essential to consider and appreciate the diversity of housing options available, each serving different needs and lifestyles.

Richmond, VA is a great choice for real estate investors due to its diverse economy, affordable property prices, and rental demand from universities and young professionals.

Diversification potential: The region encompasses diverse markets - from revitalizing rust belt cities to booming tech hubs - allowing investors to spread risk across different economic drivers.5.

Pop culture has made it acceptable to vilify property owners/landlords because they are the "nemesis you see" when you cannot pay your rent. 

If you're in a diverse market and opportunities for either single or multifamily properties will support your ROI goals then I say don't exclude either segment in your search.Regarding your comment that a multiplex may be riskier with lots of maintenance & vacancies, this is only true if you let it be true.