Choosing A Market - What Markets Do You Recommend?
I'm currently trying to figure out where I want to invest for my first out-of-state investment property. I know some things I definitely do and don't want and am curious if you have any markets you'd recommend for long-term buy & hold rentals.
Things I'm looking for:
Population growth, diverse industries/job base (all the usual stuff that indicates long term growth)
I'm debating between single and multifamily but I'd love to find a market that has small multifamily properties in A or B (maybe C+) neighborhoods (some places I've looked at only have these in D class areas)
Cash flow but also some appreciation, can be moderate for both I'm not looking for anything crazy
A less expensive market than San Diego (the cost of entry here is nuts)
Things I want to avoid:
Markets that are all cash flow and no appreciation
Markets with very low average income and very low property values like Memphis
Texas because I'm concerned about the power grid
Anywhere that's prone to hurricanes or flooding, especially areas that are newly prone to hurricanes & flooding due to climate change
Anywhere with a disproportionate amount of violent crime. I looked into Minneapolis and while it seems cool, I can't get past the uptick in violent crime there.
I'm currently digging into the Columbus and Chattanooga markets. I'm from the Metro Detroit area and know it well but I just don't see the population growth there that I'd like to see. Where else should I look? I'm totally fine with this not being an absolutely incredible deal. I just want to get started with a profitable deal and recognize my first probably won't be my first profitable and I'm totally cool with that.