Multi-Family/Apartment Investing out of state

[Daniel Wolcott]

After spending the last year trying to find a multi-family home in Colorado Springs and submitting a few offers I have convinced myself that Colorado Springs and possibly Colorado is overpriced. We have been under contract on a few 4-plexes, but after digging deeper either the numbers didn't make sense or the seller's were not willing to make necessary repairs/provide concessions that would make the purchase worthwhile. I have come to terms with looking out of city/state but get overwhelmed with trying to narrow down a city to concentrate my efforts. I understand looking for cities that are seeing population/job growth, landlord friendly and ultimately rental rates that allow cashflow and decent ROI. What cities are you finding that offer great potential and/or how did you find/choose these cities? I am looking for the property to meet the 1% rule and to achieve a 10-12% cash on cash return (I don't believe this is overly restrictive).