Buying first apartment - newbie need help

[Simon Smith]

Hi all,

I am looking to purchase my first rental property. I am based in NYC Manhattan and originally from the UK. I have a budget of around $200,000. Looking to get a mortgage with 20% deposit.

Obviously I do not have enough to purchase anything in Manhattan or Brooklyn. I was looking for advice as to what other city would be idea for a first time investor. I have been looking at downtown chicago as an option as the prices seem rather depressed.

Can anyone help with some guidance as to which cities close to NYC would be ideal for a first timer?