Out of state small MF investing

[Salome D.]

I am looking to invest out of state, small MF 2-4 units. South and Midwest. Any input as to where are good emerging markets to invest or to start? Any input, tips and connections with turn key providers or brokers are greatly appreciated.

Parameters: turn-key (as I am very busy), good PM in the area, 1. 10% cash-on-cash return, after additional capital expenses. 2. Clean/decent condition of interior note that I might be willing to invest in modest cosmetic fixes such as new appliances, paint, carpet, etc. But no remodels or major repairs needed in year 1.

3. Newer construction. 2000+ is great, 1990 is OK. 1980 would take some convincing. 4. Reasonable commute to large centers for employment.  5. 3+ beds; 2+ baths. I would say that 4/2.1 would be ideal. 6. Modern features such as a functional 2-person master bath, social kitchen, attached 2+ car garage, central heat and/or AC, non-gold features, etc. 7. Clean, decent, functional yard (low cost of upkeep, so no pool and probably no water feature) 8. B neighborhood or better, and on a decent or better street. 9. Attractive curb appeal.

Appreciation

1. Stable-or-better outlook for the economy 

2. Low cost of living in the city

3. Diversified economy

4. Non-Extreme climate

5. Property doesn’t have any significant negatives (high road noise, power lines, hills, odor, etc.)

6. Housing market trends must make sense

7. Decent or better city to live in.

8. A decent sized city or larger 

Thanking someone from BP (forgot your name), sorry- we have similar taste in finding MF parameters. Thanks in advance.