Moving to McKinney but only investing in San Antonio a bad idea?

[Aaron M.]

My wife and I are leaving California (we have no kids so schools are not a consideration to us personally) and we are selling our primary residence and rental property and are moving to Texas with a considerable amount of cash. Here is the dilema,  we are not sure if we wish to move to the San Antonio area or the Dallas Fort Worth area.  I am familiar with San Antonio (mostly north and north east) and would likely live in Beorne or the Diminion if we choose to relocate there.  We have not yet visited the DFW area but are very interested in seeing what McKinney has to offer and looks like.

While I am less concerned about figuring out where we wish to live, I am far more concerned about where we wish to invest.  I believe the DFW has seen a lot of appreciation already and that rents have not kept pace with property tax increases.  Therefore, the cashflow potential also seems more limited right now in DFW (where the homes are less than 10 years old) versus parts of San Antonio I was thinking of investing in like Converse, Stone Oak, and generally in areas that serve the military bases.

My primary question is this, how wise is it to invest in your backyard?  If I choose to live in DFW, how wise would it be have all of my rental property in San Antonio, especially when I don't currently own any rental property in either place and have complete freedom to choose where to live and invest?  I like the idea of purchasing a newer home for a rental that has less maintenance and then renting to military families, whom I understand typically make very good tenants.  I am clearly looking for less maintenance, including at the cost of reduced profit margins (looking to purcase rental property between $225k and $300k).  That said, I am not stupid so I don't want to just park my money somewhere when clearly better opportunities exist elsewhere.  

If I choose to live in either SA or DFW, who would recommend to HEAVILY consider only purchasing investment property in close proximity to where I live, especially considering I am coming in with no strings attached?  I am really thinking that I may want to live in the DFW area and have 3 or 4 houses in SA but I would love to hear from investors that are more experienced than I am as to their thoughts.  BTW, my strategy would be, regardless of where I choose to live, to have an agent find the tenant and show the house and I would manage the property once there is a tenant in place.  So the way I see it, if I purchase a newer home in SA and have a good tenant in place, then it shouldn't matter too much where I invest minus when I am looking to purchase a new investment property and have to drive to SA from DFW to do house hunting.  I am very much interested in critical viewpoints to this logic.