NY is a world class city with lots of things to do. I hate to say it, SF has a long ways to go before it reaches that level even if all the technology is here. The blue collar roots here are still deep.
We tend to be interested more in thr median.
If you care abiut higher end, bel air had a house on sale for 250m 
It’s not just the highest values. Even average prices in Manhattan are almost double that of SF. I am sure the average is skewed by high end properties but it must be the same for SF too.
Manhattan is expensive but prices 45min from the city are cheap… all about the commute distance. Commute in NYC is all towards Manhattan. In the BA commuters go everywhere. Creates a traffic nightmare. Two income families create an impossibility for balance of commute vs house location. It also have driven up prices out 100 miles. And created 3hr commutes
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Raleigh, from HomeUnion’s marketing email:
Excellent location, high quality condition and cash flow all for a discount. Completely renovated, rent guaranteed, in one of Raleigh-Durham’s top neighborhoods, this SFR is an excellent addition or start to any investor’s portfolio. Throw in a HomeUnion exclusive price well under open market asking and this property now has everything an investor looking for.
This neighborhood is an easy commute to Raleigh-Durham’s top employment hub, Research Triangle Park – home to companies like IMB, SAS Institute, Cisco Systems, and several early to mid-stage STEM firms. This employment base produces outstanding tenant profiles today and promotes rapid market growth for years to come.
Raleigh-Durham Market highlights:
- #2 Best Big City to Live in Right Now – Money
- #3 Market to Watch in 2019 – PricewaterhouseCoopers
- #2 Best Place for Business and Careers – Forbes
- #4 Best City for Professional Opportunities in STEM Jobs – WalletHub
Yield is almost the same as Austin. So it boils down to property tax, insurance, HOA, PM charges, typical maintenance & minor repairs…
It seems there is no need to spread out investment in out of state RE. Just choose one out of Austin, Atlanta, Denver, and RTP triangle.