Final approval will ultimately be up to the investor.There are other/additional factors as well.

If you're talking owner occupied, meaning you're going to live there, it seems like choosing between those two areas is the primary consideration, then once you've picked that market you can dive down to consider specific properties.For your own personal residence, usually other life factors such as proximity to your place of employment and family considerations (spouse/partner, children, parents/extended family) are even more important than real estate investment.

I hesitate to call the current market a bubble - there's just too much up in the air to really see what's what, and while RE is a big part of the general health and status of the economy, there are a number of other factors that determine what / when / how the correction happens.The bigger they are, the harder they fall, so unless we (collectively as a society) really have our crap together (which we don't), when we eventually do go down I think it's gonna be a doozy. 

There is a calculation performed each year based on the account value and an age factor (perhaps yours, perhaps the deceased original account holder depending on certain variables). 

If you can cover 70% of the mortgage and it's cheaper than whatever your current rent/mortgage payment is now, then you are saving that much extra each month (make sure you factor in maintenance and vacancies into these equations too).

I am a full time realtor and this is my main source of income.

So factor in your tax, your insurance, your capex, your vacancy rate, your HOA if any and see if it makes sense to buy it @ 119k.

But size is also a big comfort factor.

I like to lead the group mainly because I am super devoted to REI and love to share all my secretss( there are none) and how I do REi.

There are a lot of good resources (mainly from real estate brokerages).