Long term rentals in Colorado Springs or out-of-state rentals?

[M. Anthony Contrascere]

Being new to long term rentals, I am finding that the Colorado Springs market is fantastic for long term buy and holds (increase in the tenant population, military population, etc). I would prefer to purchase undervalued SFH and small multifamilies, make renovations such as adding a bedroom/new paint job/updating the kitchen, then refinance to use that equity for purchasing another property. It seems the market here in CO Springs is so competitive that it is hard to find a good deal.

Would it be wise for me to look out of state? I feel like it would not be, especially because I am not experienced yet. 

I would love to know peoples opinions and experiences, in order to keeping moving forward in my goals.Thank you all in advance!