Combination of numbers and more influential, your risk tolerance.  

Ill stay clear of this unless I hear otherwise or the purchase price drops so dramatically that I can tolerate the assessed risk.

You have to decide what you are comfortable with, your risk tolerance, and what will give you the best return on your investment.I wish you the best!

If you can tolerate the brutal weather in San Diego, I suggest you spend a full day taking Ward Hanigan's Title Holding Trust training (he teaches it one-on one).

@Chidi Osuji The cash flow looks great, but it really depends on your tolerance for high crime areas, which the property is in.  

Each individual owner can have their own Deferred Sales Trust:, the assets of which can be managed to each taxpayer’s own individual risk tolerance and preferences.4) A 1031 Exchange alternative or rescue- Unlike a 1031 Exchange, the proceeds from the sale do not have to be invested in "like-kind" property in a very short timeframe to achieve tax deferral.

You can play around with $ scenarios to see how much you could tolerate in repairs and still have it cash flow.

Needless to say, this is an extreme example of house hacking and most individuals do not have this kind of risk tolerance/comfort level.

So, yes, you definitely have to assess your own risk tolerance and comfort level before deciding to go out of state.

It depends on your risk tolerance and what the banks will lend to you.