Newbie investor - local market too expensive...

[Roddy Walker]

Just got preapproved for 275k FHA loan in Oregon. My original goal was to do a house hack until I could rent the property out completely in my local market. The market in Portland and Salem area seems very inflated and overpriced for doing a good buy and hold strategy that could provide me with a strong monthly cashflow. Should I consider investing in a long distance market for my first investment property? I'm currently studying more about long distance real investing and am really considering it but would love to hear some tips/advice from the BP community!