Best markets to invest in in the next 12 months?

[Ryan Searle]

Hello, my company has 1.5M in capital to deploy into real estate in the next 12 months. Our goal is to purchase during the downturn, possibly smaller properties that we can buy with cash, then refinance when rates are better and get our money out and do some more. What are the best markets to invest in right now where we can have positive cashflow (doesn't have to be a lot), but also experience appreciation over the next 5 years? 

Thank you for any insight!