Markets to Consider for First Investment Property?

[Lauren Campbell]

Hello!

I am a new real estate broker in WA state and my husband bought a starter home that we are remodeling and will eventually rent in a couple years. In the meantime, I would like to buy an investment property and have cash saved to put a large downpayment. 

I am torn where to begin, especially with the current market and negativity surrounding interest rates. In my area in Washington State prices are high and with mortgage rates pushing 6% the profit margin is tight. I am also priced out to buy in my area. I am leaning toward buying a duplex out of state. Any advice on what markets to focus on for properties under 300k? 

I also have an option to lock in my interest rate now for four months. I am thinking that would be wise as predicting interest rates will continue to rise into the new year, but any advice would be appreciated. Thank you!