Looking for buy-and-hold MF in midwest or southeast

[John Umphress]

Howdy!  Been lurking here for a while to pick up some data/observations on different markets.  In the process of selling a commercial property here in Austin and looking for replacement property.  (Austin has become a seller's market, and even San Antonio seems to have gotten frothy.  Besides, Texas property taxes can really impact your returns.)  Looking for class B - C MF properties with between 8 and 60 units - multiple properties are okay but would prefer that they be in the same market to facilitate management.  Turn-key is preferred but willing to consider a value-add deal.  Plan is to use  $1.6m of our own money and $800k from the bank.  (Might take on a bit more debt for the right property.)  Focusing on income over appreciation as this is our retirement, although my wife and I have several non-RE streams of income.  Have an experienced real estate attorney and bank that will work with us.

Looking at OK City, Kansas City, Cleveland and Chicago, and possibly some markets in the southeast and mid-atlantic.  Sub-markets near these and smaller markets are okay so long as they give us the income for the money spent.  Plan is to reach out to brokers and PM firms in those areas to establish relationships that could lead to off-market properties.  More than willing to hop on a plane to scout properties and meet with brokers/PMs.  While this will be a 1031 deal, the buyers of our property are willing to be flexible re the closing date to give us sufficient time to find replacement properties.

Would love to receive feedback on any of the above markets or any others that might meet our criteria.  Like I said before, primary focus is income - appreciation is secondary as we plan to hold this awhile.

Thanks in advance!

John