I don't care if I start to sound like a broken record but if I had 100K, I would be buying single and multi-families in the Midwest. I would especially be buying in markets in Ohio. For those price range you are looking for, the Midwest is truly your best bet. However, if you want to be a little closer, I would suggest my hometown of Allentown, PA. Its very up and coming and the job market is picking up there as well; with SFR in your price range (MFs are more in the 90K and over range).
Personally to me, NJ is overrated. The high property taxes in that state makes investing there unappealing. The reason why I did not suggest Philadelphia is because the price range you want will put you in places you don't want to walk around in, day or night.
Sounds like you're off to a good start. I agree with @Brian Adzadi and would start in the Midwest. I've been a remote investor in South Florida, Central Florida, and Trenton for a few years and would be looking in the Midwest first if I was starting today. Trenton is difficult for a number of reasons: high taxes, slow services (Section 8, foreclosure auctions, C of O, water), and a lack of good contractors. All of this might have been worth the 16+ cap rates a few years back but with prices bid up now?
Btw, check out BP Podcast 257 for some tips on long-distance investing.
Generally speaking low cost markets equate to larger headaches
Would be great if someone would do a paper on the long-term effects and profitability of small investors like myself investing in B-/C properties more than 2 hours from home base.
Buy vacant lots in my hometown around $25k each and sit on them for 3 years. No tenants and no insurance headaches. I am making paper profits of 20%+ annually plus write off the property taxes.
I've heard very good things about Allentown
I work in the Allentown / Lehigh Valley area. Overall it is a very favorable market for investors. As of November, Allentown was averaging a $55,673 sales price and $1,268 average monthly rent for a 3 Bedroom, 1.5 bath SFH. Yes, the average property in that city meets the 2% rule here! On the flip side, the city does have some rougher neighborhoods that should be avoided, and there is lots of competition from other investors here.
I've done deals in Trenton before and would be happy to put you in touch with my local guy to talk about the Trenton / Philly market. (He is also a frequent BP contributor!)
I'm not offering you this as advice as I am trying to figure it out myself too. I'm in Colchester. What about Rutland or Barre instead of investing so far away? While there may not be 50K multi unit deals that are ready to go, there are a lot of low priced multi units. I don't know what the vacancy rate is and haven't spent enough time in either town but it's closer than NJ! Would love to hear your thoughts.