Buying properties in smaller markets

[Adam G.]

In the current environment, it seems like there are pretty much no deals in major metro areas. I guess the exception would be foreclosures or if you're in the know about some off-market unicorn. However, I am seeing properties that meet the 1% rule in smaller cities. Think prices between $60k and 90K that would ostensibly rent for $900 to $1000/month.

Does anybody have experience investing in areas like this? These would be the tertiary cities in a given state. They're the kinds of places that a lot of people who hadn't been to that state never would have heard of, but that are generally known to people who live in said state. Not small towns, but micro metros, say.

If so, I'd be interested in hearing your thoughts. Also, do the numbers I mentioned above strike you as good? If they do, what else should one be looking at: school quality (perceived or otherwise), proximity to employers, etc?

I'm just envisioning a scenario where I could buy up 5 to 10 places like this, hand it all off to a property manager, and make a modest living without really having to do anything.