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Updated over 4 years ago,
Need help narrowing to a single market for my strategy
I'm looking for some opinions and insight on what a person in my position ought to do. I have a strong W2 income but few investments that will benefit our family when retirement happens; let's call that 10-15 years down the road.
We want to start purchasing some buy and hold SFR's OOS in A and B class neighborhoods within great school districts. Since we don't need the cash flow now, we are looking for newer homes that will need less capex in the early years. I'm super busy with our family and running a business, so we don't want to get bogged down by rehab or repairs, etc.
Markets: We have boots on the ground in the Boise/Meridian area, and it's a place we could see ourselves moving in the future. Growth is good, but the rents are low compared to housing prices, and I'm worried job growth isn't keeping up with the influx of new residents.
North Austin (Round Rock, Cedar Park, Etc. and to the south New Braunfels). The allure of an appreciating market and job growth sparks our interest, but at the same time, rents in the price ranges we're looking for will bring us a break-even situation at best for the foreseeable future.
Then there are the tertiary locations where housing prices are much more affordable, and we could probably acquire doors more quickly, but these markets don't experience the same appreciation. This is where I'm all over the map. Edmond, OK - Lubbock, TX - Abilene, Midland, Odessa, etc. the list goes on.
Given our brief goals upfront, which market makes the best sense? Thanks in advance for your advice and input.