Rookie from Los Angeles, CA

[Jonathan MacMillan]

Started investing 5 years ago with a single family house in Aurora, CO and about 20K in the stock market.  The house cash flowed positive instantly and has increased in value over time.  The stock market has flat lined. 

My goal, now that I have a decent job and a bit saved, is to find a second rental property for 150-200K preferably by year's end.  My risk tolerance is moderate (probably no Detroit houses for me), but I'm still looking for good rental returns and some appreciation (aren't we all).  I also want to enjoy visiting the city where the property is located.  My front runner right now would probably be Austin, TX, but I've also considered Los Angeles, Cleveland and Ithaca.

I'm a bit overwhelmed with it all and don't really know how to go about narrowing down which city to look in.

Thought?