Real Estate Investor - In need of advise

[Kaala Giri]

Good Evening People,

I am looking to invest in real estate and currently living in NJ.  I purchased a one family home last year with a loan of 305K on 15 year mortgage.  I have about 3500 in monthly payments (mortgage, student loan, car notes etc) and an income of around 11K/month.  I have about 50K to potentially invest as a downpayment.  Credit score is above 740.

I am looking for advice on where to purchase a rental property that would give me the best potential increase in value over time as well as good rental income.  I am conflicted if I want to purchase something close to where I am or if I want to venture out to a further place and involve a property management company.  In my immediate area (NJ), the properties are very expensive but the rental market is always hot and property values are rather stable. 

Questions for the community here:

1. What is the best place to invest in with my situation?

2. Should I only consider areas I am close to or willing to move near to invest?

Any advise would be appreciated.