For example, in the New York area, especially in some hyped-up fringe neighborhoods (like certain areas of the Bronx, Queens, or Staten Island), finding a "bargain" seems easy.

New York is hard to evict people and you'll end up spending more time and money doing it yourself.

I am still living in Chicago but plan to move to New York in a year or two.

Quote from @Shawn York: @Jason Malabute Yep - I'm currently invested with BAM in Fund #1 and Fund #3 (no money in the war-chest when #2 came around)Distributions have been consistent and reliable and Fund #1 has already generated a 2x equity multiple.

and not New York (known for high?). 

We repeatedly explained that it’s not done that way in New York State: here, you send in your articles of organization to a state office and they send back a letter with a state seal acknowledging they received the documents.

However, I have had colleagues of mine do Section 8 housing in New York and have success with it. 

New York City has a lot of the same problems as California, high taxes, soft on crime, Homeless Problem, Super Expensive etc.... and it also has really crappy weather. 

ETWhen Tylisha Slaughter learned that the West Philadelphia rowhouse she rented was going to be auctioned off in a sheriff’s sale, she sensed opportunity.Slaughter, now 30, aimed to buy the home near Cobbs Creek Park on the cheap and restore it from the “slumlord”-like conditions she, her boyfriend, and her two young children had been living in.But on the day of the sale, she said, she found herself up against an out-of-towner with lots of money to spend: Brandon “Dutch” Mendenhall.

@Jonathan Greene I'm not sure what you mean by "most will not cash flow as an out-of-country investor" as it might suggest that the cash-flow of a given property has something to do with the nationality or residence of the owner but, in any case, you're absolutely correct that, historically, the net rental yields of LTRs in US cash-flow markets like the Mid-West have been typically higher than in the average European market, although that wouldn't be the case for many other US markets like California or New York.