MFH Location recommendations and Off Market Deals: California or Arizona?

[Mikelle Willis]

Hi friends!  I'm new to the bigger pockets forum.  I'm hoping to get solid advice and possibly some connections!

I'm a real estate investor, connected to other investors with access to capital.  However, I am struggling finding potential deals where the numbers make sense based on my underwriting process.  So, I am trying to figure out if the deals just don't exist in these areas or if I just haven't made connections with the right people.

My deets:  I live in CA my entire live and I'd love to stay local if possible.  I own my home, which is a 3/2 that I bought in 2013.  I bought for about $360k and it was appraised at $765k in 2021.  

I own a 3/2 in Phoenix that I'm currently using as a STR (the STR market is really oversaturated in that area now, which is another problem that I need to address). I went with Phoenix initially due to STR regulations, it was close to home, and it's a land lord friendly state.

My goal is to build my investment portfolio primarily with MFH moving forward (around 10 - 30 unit properties).  I've been searching and searching for good deals in Phoenix, but I haven't found anything.

Do you all recommend that I stay in Phoenix for investing in MFHs?  If so, can anyone connect me with brokers who have solid off-market deals? If not Phoenix, is there a city in CA that you'd recommend that I consider for MFHs?