Portland OR, Good For a First Time Investor?

[Account Closed]

Hi everyone, 

I'm a college student in Portland, OR with ~100k to invest in single or multifamily homes for a buy and hold strategy. For my first investment, I feel like it would be a good idea to buy locally, but Portland is pretty expensive! I've heard that more expensive houses have smaller cashflows, and as a college student with no salary, I'm not sure I qualify for much financing.   So...

If I do or don't get financing, should I  invest in Portland? Or should I invest out-of-state, how risky is that? What would you do in my position?