City Criteria - Investing out of State

[Tim O'Connell]

Hi everyone, I am new to real estate investing and I just wanted to get some feedback about the criteria I have developed for identifying potential cities for buy-and-hold rental properties (small multi-family) that cash flow. I currently live in the Phoenix area and feel that the returns here are not sufficient for what I am looking for. My current criteria is below. Thanks in advance for any feedback.

1. Be one of the 250th largest MSAs.

2. Have positive population growth over the past 5 years.

3. Have a positive economic outlook.

4. Have rental growth over the past 2 years.

5. Have a reasonable home price to rent ratio 

6. After-tax Cash-on-cash ROI of 10%+