Good markets for inexpensive properties with good cash flow?

[Jack B.]

I was able to get three cash flow positive properties with solid CoC returns during the downturn, and part of the way up, but in the greater Seattle area it is getting harder and harder. Prices are too high relative to rents. Now that the market has recovered, it's damn near impossible to find workable deals in SFH.

So I started looking at Turnkey companies, I looked at Clearwater/Tampa/Jacksonville Florida area and it seems that the 50-75K properties with good cash flow in those areas are in the ghetto.

So given that I'm not interested in paying 20% over market value for a shoddily remodeled turnkey property, where they make money off me again for property management, and buying in the Tampa area and setting up my own team is looking like a crap shoot, where do I buy and set up my own team?

Ohio? Indiana? Nevada? Or just buy a multi family in NC paid in full, and let the PM live there for free, doing all the maintenance as well?