Starting Out - How to Narrow in on a Decent Market

[Natasha Rooney]

Hello! 

We are just starting out in all this and I have been looking at a few potential broad markets/states to start doing OOS investments, potentially in Ohio, Alabama, Connecticut, North Carolina, Illinois, Minnesota (I know - lots on the list). 

What are the main things that you look for when trying to really narrow down on a market? There are just so many markets that could offer decent potential cash flow. I know there are lots of stats and things to look at when analyzing deals as well as markets like job growth, unemployment, etc. I guess I am just having a hard time really trying to decide on a market. 

Goals: Looking for a buy and hold multifamily property. Decent cash flow but not looking for a home run the first time around (although that'd be nice!). Hoping to buy one property by the end of this year, 2 next year and to scale up.

Neighbourhood: Class B or C+ neighbourhood.

Rehab: Comfortable with cosmetic and upgrades to the property but not a whole tear down gut job. 

Any input, advice would be greatly appreciated! 

TIA :)