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Updated 2 months ago, 09/23/2024
Need advice regarding which areas to target for out of state investing
Experts, I am looking for some pointers which areas to target for my 2nd rental property. I am based out of California.
$$ Range = max 250k
Down payment = max 25%
Goal = Positive cash flow
Below are the areas i have done some research on so far.
Fayetteville, NC
Like the fact that there property taxes are low, hence the rental comps vs expenses (mortgage + property taxes + hoa + insurance etc) are kind of breakeven or slight positive cash flow is possible. Assuming 7.5% mortgage rate.
Pflugerville, TX
Property tax is high but austin suburbs seems to have potential of growth due to major techs moving in the area. Rental comps vs mortgage not quite giving positive cash flow with high rates.
I also have areas like memphis, columbus, oklahoma in mind but haven't done thorough research on these so far.
Can anyone advice what other areas (or best from the above list) to look for within my budget and goal in mind.
Appreciate any pointers and happy to connect with local agents/investors.