Paying off debt may not be the best choice, depending on other factors like income, FICO, and credit/debt ratio.  

You also need to make absolutely sure that your rehab costs are correct and there are no zoning ordinances issues or code violations all of which would need to be factored in.

We have to accept a biased opinion of value in order to base all other factors.  

The space seems crowded and the common factor is pretty high account fees.  

And that rent control may be a factor in the near future. 

With the exception of skiing.Places like SF and NYC definitely win when factoring in motivated/interesting people per capita though :P  I tried really hard to not like it, but my 5 years here have been a blast, both personally and professionally.

Taxes will play such a small role in your two different scenarios that they should be a minor factor to consider.When asking about taxes, better questions would be:1) What asset class yields the best tax advantages?

From there, you can determine what components are priority, and how much of a factor location will/should play into that.

My interest stems from different factors; I'll try to expound, and I apologize that it may be a bit verbose (this is where you can be happy to NOT be in my head ;-). 

When you run your numbers, make sure to factor broken windshields on your ball collection tractors.