I believe one of the biggest disadvantages that you are not seeing with respect to the location is the distance from the market. Startups are more successful in the Valley compared to anywhere else, because the early adopters are in the valley too. These early adopters/customers allow a startup to know what to build, know when to pivot and know when to scale. Facebook was created in Harvard. Sure, it could have been created anywhere in the world, but looking back, being in one of the most prestigious schools in the world made a huge difference in its success.
So, unless you are building something for a set of people that you will find locally, you should look at moving closer to where other startups in your domain have been successful.