File Location As Criteria In Smart Search

I'd like to create a smart folder that shows recently opened/created files in my user folder. However, I want to exclude files from my Library folder (various caches, plists, etc.), anything in my Dropbox folder, and anything in my iPhoto Library. I also want include files from specific folders, like subfolders in my Documents folder.
However, I can't seem to find any search criteria based on +where files are located+. Unless I go through and add search criteria for every single folder I want to include in the search, there doesn't seem to be a way to filter out certain locations and folders.
Does anyone know of a way that I can do this?

Thanks!