New Investor - Looking for Market

[Casey Ratlief]

New investor here and looking out of state for my first property (I live in Phoenix), my budget for a down payment is in the $30k to $40k range and I can budget for renovations as well...because the Phoenix market has been so hot recently, I have been looking out of state. 

I've really honed in on Jacksonville and Indianapolis...I like growth (probably more so in Jax) and the economic diversity. The homes are within the range I'm looking at and a forecast of decent appreciation and strong rents. Though, I get paralysis by analysis and I see people mention Birmingham, Tampa, Charlotte and then I start looking there. It gets exhausting!

So I'm asking: Do those on BiggerPockets have good experiences with Jacksonville or Indy? Would you recommend those markets and feel bullish about their futures? Are there other markets that I should be taking a serious look at?

For what it's worth, I'm primarily looking to BRRRR.