Strategy for first rental property in Raleigh

[Sanders Rohs]

Hello BP community,

I have learned so much already just by reading other Forum posts and responses, but was looking for some advice about investing in a rental property in or around the Raleigh area. I'm looking to buy my first SFH as a long term rental in the coming months. Ideally I'd be near 150k or less, move in ready or a small cosmetic flip if it means getting a better deal, with cash flow being my main goal.

I have lived in North Raleigh for 17 years now and I would love to invest here. But from what I've seen, in my price range in Raleigh I would likely only get a condo or townhome, many having large HOA's that eat into the cash flow.

Would it be smarter to expand out into the surrounding areas like Durham, Chapel Hill (neither much cheaper than Raleigh), Wake Forest, Cary, Apex, Garner, Clayton, etc? Or should I just try to find a condo/townhouse with a reasonable HOA in Raleigh that still cash flows? I would like to self manage at first so I don't want to go too far, but I know if I go even further out than these areas listed, prices drop even more.

I would love to hear your thoughts and advice, thanks!