I'm new here so may not have a full view but the overall climate seems to be-anything to make a deal-ridiculous financing, leverage the home you life in-who cares where it is located it will be easy to rent/manage from hours away-don't be gracious with your tenants and housekeepersMy guess is a tilt toward young and not financially stable which is awesome if remaining sensible. 

We recently had a duplex with unexplainable mold (in Milwaukee - normally not that humid of a climate).

If the major systems - roof, HVAC, plumbing, electrical - were replaced or certified in good condition, you’re typically looking at:5–10 years of relatively low maintenance15–20 years before you may need to revisit major CapEx items (depending on usage, climate, and tenant care)That said, some renovated homes are 40+ years old, so it’s important to review the scope of work and ensure there’s documentation on what's been updated.Both strategies can be solid, especially in the Midwest and Southeast, where you can still find cash flow in Class B neighborhoods with long-term growth potential.

I'm no 20 year pro but I am aware of the economic climate around me.  

Like you said, owning a home should be a sign of stability, but in this climate, that assumption can be misleading.We absolutely need to normalize these discussions and educate people that equity is only part of the picture.

You are a first time out-of-state investor with 400K in cash and looking to build your portfolio over the next five years.You asked about good cash flowing markets and whether you should pay cash or use leverage with a mortgage to get the best return.Understandably, you want to make the best decision and are concerned being a first time out-of-state investor.Depending on your goals, having a few paid off units with free cashflow can provide as much cashflow as several leveraged properties with more management involved.Mathematically, you will generally be further ahead using leverage but it is a matter of your goals and risk tolerance.Whether buying with cash or using leverage, you will need an excellent local team including property management and investor friendly Realtor that acts as your fiduciary.If you haven't looked at Michigan, there are many markets that cashflow well with a reasonable climate and demand for rentals.

Choose Seasonal, Low-Maintenance PlantsOpt for plants that are well-suited to the current season and your local climate.

Especially, since the current interest rate climate has been historically low for the last few decades.

.), climate risks, landlord laws, and travel distance (if self-managing).🔹 Pick 2–3 markets max to really dive into — learn the zip codes, connect with local boots on the ground, and start underwriting deals regularly.🔹 Lean into your skillset — with your architecture and capital projects background, you might do really well in value-add or renovation-heavy markets.🔹 Start tracking deals weekly in each market — patterns will emerge and help you gain conviction.You’re doing the right thing by gathering info, but don’t wait for perfection — start small and build momentum.

Also, storing linens in sealed, climate controlled spaces can prevent mustiness and reduce rewashing.