A tried and true measure that has been around for a long time and is still relied upon today is the ratio between median household income and median home prices in any given market.  

@Tunji Ogunmefun With your rehab experience you have a better handle on costs that I would - Hamilton is one of those hot areas - you may find a private lender/partner/mentor if you post in the Marketplace, especially if the house has potential to appreciate. 

Account Closed Beginning in 2013, a new 20% rate on net capital gain applies to the extent that a taxpayer’s taxable income exceeds the thresholds set for the new 39.6% ordinary tax rate ($400,000 for single; $450,000 for married filing jointly or qualifying widow(er); $425,000 for head of household, and $225,000 for married filing separately).

Agent advised not to lower current offer price due to hot location but will have to see about that. 

We are pretty hot on this place, so I'm just wondering about various financing options:A 203k loan would be a good fit, but I currently have an FHA loan, so can't do another one right now.

They sell a few years later when the concept is no longer hot for 30 cents on the dollar.  

For me the extra amounts to enough that they pay enough between now and Nov 1 to cover two weeks vacancy (I'm in a hot market so you might need to do more).

Boston is a hot market right now and is hard to find a deal where the numbers make sense, however i would suggest you check out places like worcester, lowell or haverhill.

@Aaron Jones  I can tell you Portland has rain, and mountains, and ocean, and desert, and forest, and everything within 2 hours. we have had a crazy hot summer this year.

ITS HOT 90% of the time. yet some would say its terrible to buy.