Advice on an out of state investment property

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I was advised to post my question here, hoping to get some advice on an out of state investment property.

I currently live in Seattle where a basic SFH goes for $800k+. If I save up more than 20% as a down payment, it's still doable but I don't think it's worth it when I could get the same house elsewhere for $400k. I work fully remote so moving to a new location isn't an issue, however, I'm currently taking care of my elderly parents so I'm unable to leave for an indeterminate length of time. I'm considering buying a home in a more affordable city, like Raleigh, and renting it out until I'm ready to move there. Since I'm out of state, I would have a property management company take care of the rental. Most of the homes I like are $500k-600k and up to 3000sq ft, so rent would be on the higher end for this area. one of my concerns is whether a larger house like this, with higher rent, would still attract tenants? As a renter currently, I don't care about the size of the house or how nice it is, I only care that it's affordable. Would it be better to get something a little cheaper instead?

I also wonder if a house in that price range is doable for me. I would likely put down closer to 25%-30%, my current monthly debt is $2000 and an income of about $130k annually. Obviously, as long as there’s a tenant in place the monthly mortgage would be paid, but how much would I need to have saved up in case of damages, vacancies, etc? 

Since this isn’t something I’m well versed in, I’m wondering if others see any problems with this plan or anything else that I need to take into consideration. I’m not necessarily trying to have immediate cash flow with this, I just have some anxiety knowing that the cities I’m considering buying in will continue to get more expensive and I already have enough for a downpayment so it feels like a waste to not buy sooner than later.

[Ruchit Patel]

Yes, it's been a common problem in big cities that houses are too expensive and people are buying out of state. I am from California, and I spent 6 months running numbers and looking for deals, nothing made sense for me, and I started investing out of state 18 months ago. 

Yes, trusting random people outside can be scary and that's why it will be a grind at the beginning. 

Feel free to message me to learn my story, and I can give you my contacts.