I always try to point out as many potential issues as possible during walkthroughs so buyers fully understand what could go wrong.

I could be wrong though - Im not a tax expert.

I don’t think there’s anything wrong with looking out of state if it gives you cleaner cash flow and a more repeatable path to scaling, but I’d personally prioritize durability over trying to pick the “next” area.

This is a sensitive matter, as asking the wrong question can lead to significant issues.

Unless it's a 25 year balloon :-) Most balloons mature at the wrong time.

Wasn't he the guy that was dead wrong about the Internet?

You should clearly know: • Cost per lead • Leads to appointments • Appointments to contracts • Contracts to closings • Cancellation rate • Average profit per dealThis matters because most investors try to fix the wrong thing.If you have plenty of appointments but few contracts, that is not marketing. 

A lot of larger multifamily there trades more on appreciation, rent growth assumptions, and capital preservation than on immediate yield.If 50% down is what it takes to get positive cash flow, that’s usually a signal about cap rates relative to debt, not necessarily that your math is wrong.

If you look at the big picture you are asking the wrong question. 

But if the goal is adding a 2–4 unit that actually moves the needle before retirement, I’d be cautious about putting more capital there unless the deal has a very clear value-add angle.The markets you listedYou’re thinking in the right direction by prioritizing:Diverse employmentB / A- neighborhoodsModest but real cash flow plus appreciationQuick high-level take:Kansas City – Solid fundamentals, competitive right now, still workable but tighter marginsKnoxville – Strong appreciation story, harder to find true cash flow unless you’re early or adding valuePeoria – Cash flow exists, but appreciation and liquidity are more limitedWinston-Salem – Underrated, decent balance, but neighborhood selection matters a lotNone of these are “wrong,” but each requires boots-on-the-ground intel to avoid buying something that looks good on paper and underperforms in reality.About the unicorn (6–8% CoC + appreciation)That is still achievable, but usually with one or more of these:Smaller multifamily (2–4 units vs larger)Light to moderate value-add within 6–12 monthsInvestor-friendly management keeping expenses tightBuying slightly under market (not retail MLS deals)It’s less about where and more about how the deal is sourced and operated.I’m a real estate agent based in Memphis, TN, and I work primarily with out-of-state investors looking for exactly what you’re describing.