Out of State Investing, First Time, Cap Rate

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Good Morning,

I am looking into investing in metro Detroit for multi-family properties. I live in California and have multifamily investment units here that I have had for many years. I am looking for areas with the best cap rate, I have found a deal that can generate 7-9 cap in the metro Detroit area (Warren County) its a small risk with the deal size being under 200k and I'm going in all cash no financing. My question is, am I getting in too late? Are there other cities or areas in the country where I could get a better cap rate and return, if so where? I have looked at Mississippi, Alabama, Louisiana and Florida and nothing there really spiked my interest I don't see their economies in the small cities I went to really growing, hence my interest in a bigger city with more growth potential like Detroit. My concern is that I am paying the premium due to housing pricing increases, and maybe its best to hold off to see what happens in the coming months? Does this sound like a solid investment? I fear the housing market crashing and buying at the top, but I don't know much. Any suggestion and advice would help, cheers!