Out of state MF investment - Pick a market

[Jingjing Ye]

Hi, I am an investor based out of northern VA. I have a few SF houses and looking to expand to small MF (10-20 units). Northern VA is very expensive and so I am looking for other states to invest. I really like Dallas/Forth Worth and Raleigh/Durham/Greensboro market in NC (also have friends there) but it looks like it is tough to buy with a decent cap rate/cash flow.

Looks like there is still some opportunities in the Midwest and South. A few interesting markets:

1. Oklahoma city

2. Louisville KY 

3. Kansas city

4. Columbia SC 

5. Indianapolis

I appreciate any inputs from local experts to help me narrow down the market, so I can do dig deeper. I am looking for a good balance of cash flow and appreciation. Another key factor to consider is whether any of the market has a good property manager since I invest out of state. 

Also if there is any good markets in VA (2-3 hours from DC) for MF right now, I would like to know as well.

Thank you so much!