@Renee Ren, If it was me I would not look at anything in Ohio/Indiana. Your probability for appreciation is limited and so is your capability to increase cash flow via rent increases. It's one of the many reasons the midwest did ok in the downturn.
I am not a fan of the midwest. Frozen pipes are something I have never experienced. I have never experienced oil furnaces (or whatever they are called) either. The properties are generally much older than the west and the south. I think you get a LOT more maintenance for not a lot of cashflow, at least for an OOS investor.
I think ANY of these rural towns in the midwest can be a gold mine. As long as you are willing to live there. I'm not willing to travel or live in those locations.
As a result, your future cashflow income, inflation adjusted, will be LESS in the future than it is today. That will be the case with most 'northern' locations. Many of them are 'net losers' with regards to move in/move out. In many of these states taxes are high, which will destroy your profits if you have a vacancy. Almost like a 'double whammy'. Although not on your list, or mine either, is Illinois. Their property taxes are punishing.
Out of your 'list', I would pick the Orlando area. But not Orlando proper, but some suburb. I think you can get better value. The other Florida locations you listed can get hit by hurricanes, which is obviously a 'turn off'. At least to me. ;-) Otherwise, I'd say go for anywhere in Florida. A close 2nd for me would be Mobile, AL.
The most important thing, however, is your boots on the ground. Even over the location you choose. It is DIFFICULT, but not impossible, to manage OOS properties. I have ONE in California I manage from AZ. I would not want a BUNCH of them that are outside my purview UNLESS I had a killer team doing my PM.
And you really can't find killer teams everywhere. Just look at ALL the posts about bad property managers.
Hope that helps.
