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.

Many investors are underwriting at 8–8.25% to stay conservative.You may be looking at the wrong productDepending on the property and your profile, you may want to compare:DSCR loans5/7 or 7/1 ARMs with refinance plansPortfolio lenders with relationship discountsNot necessarily cheaper today, but more flexible long term.Refinancing is part of the planMost investors closing right now are assuming a future refinance, not a permanent rate.

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.

By then, the rents will likely go up and you'll be doing better than most other investors who bail after only 1-2 years because they got hooked by the "guru's" selling them on the wrong expectations. 

Don't get me wrong Facebook generates a ton of traffic but normally the quality of tenants that reach out on Facebook aren't what we are looking for. 

I know you want to prove all these people wrong by buying 100 doors that "cashflow" $300 per month, but don't do it.

Most beginners either over-analyze everything or under-analyze the wrong deals.

Any and all changes to the original contract must be documented in detail, signed by both parties, and paid for at the time they are ordered.If these tips are followed, along with James', there is little that can go wrong....

Working with a lending and escrow team that understands this method and how to property structure it is key, I have seen borrowers try this with the wrong lender and it can lead to issues.

Quote from @Michaela Hayes: You’re being very honest about the disadvantages — and you’re not wrong.