Analysis Paralysis - do I change my preferred market to get cash flow properties

[Scott Falvey]

I'm ready to jump in and buy my first actual investment (non-house hack/already doing it). I'm 50+ years old and generally want to purchase cash flow properties as I inch toward retirement. I'm in a fairly transient area in MD and the market is very competitive with primary focus on condos and apartments (longer term goal, in a couple years maybe - MF properties). Like many, I'm finding it difficult to locate properties in my preferred location that'll cashflow. I'm also starting to connect with wholesalers so I'm starting to see off market properties too. I have also come across some that require fixing up (which I'm not afraid to do) but they're a little out of my preferred location. I'm not fluent with classifying assets/markets but would guess my preferred market to be "B" and the "out of my preferred market" opportunities would probably be B-/C+.

However, I just came across several properties that are about an hour and a half away that are in good shape and will actually cash flow. I'm considering a "package" of three condos that are discounted from market rate compared to a similar one in the same community. I would guess the area is class "C/C-". The area also has a higher than State average crime rate. On the flip side, the area is experiencing growth over at least the last three years.

So, I'm stuck at, should I consider purchasing an hour and a half away for a property that seems like it doesn't need much work but will cash flow right out of the gate (planning to self manage) but is in a higher than average crime area but in a growing area, or should I be patient and diligent in seeking the good deals in my local/preferred area? 

Should I consider pre-foreclosure and auction properties in my preferred area- though I admit, the idea is intimidating since I'm new and don't know where to start or who to contact at what stage in this arena.

I'm looking forward to and appreciate everybody's comments!