Bait and Switch.

Stronger economies generally support higher rental demand and property appreciation.Neighborhood Analysis:Safety and Crime Rates: Avoid neighborhoods with high crime rates, as these can affect property values and rental income.Property Demand: Look for areas with growing populations or proximity to employment centers to ensure consistent rental demand.Property Condition: For fix and flips or BRRR, assess the condition of properties carefully.

Based on your experience as a lender, what is my likelihood of having a "letter of intent to employ" accepted by an institution? 

We live in a bit of an expensive market with great growth, Navy, Shipyard, Medical, and easy commuting to a major city with a dozen or more major employers. 

@Carolyn Mazzola unless I'm missing something, appears you are confusing Property Management Software (PMS) with a Property Management Company (PMC).PMCs employ PMS to better manage properties & tenants.If you invest OOS, who will be your boots on the ground?

Once I plan to offer the unit, I offer it contingent on successful background check: In addition to the basic applicant approved transunion smart move through buildium which I pay for, when smart move stopped providing criminal background data, I  added a $49 tenant paid service through rentprep for nationwide criminal and eviction, bank account deposit verification, and employment verification.

Unfortunately my contract with my employer does not allow me to work for anyone else.

I believe that successfully navigating this initial investment will pave the way for future opportunities, whether in the same market or elsewhere.Living in New York City, I faced a challenging market ;)I chose Montgomery, Alabama.Here's my process:I compiled a list of states with favorable landlord laws.Using Brightinvestor, I identified cities within those states where the median home price falls below the national average ($420k).I excluded cities with negative income growth and rising unemployment rates.I focused on cities with strong appreciation rates over the past five years (over 10%).I compared price-to-rent ratios.I did break two rules: Montgomery has a slight decline in population, and its largest employers are an Air Force base and government agencies.One significant factor that influenced my decision was the promising price-to-rent ratio, suggesting potential for positive cash flow (though I remain cautious about appreciation).Regarding my acquisition strategy:I plan to employ the BRRR method with cash.

Income is born from defined benefit retirement pensions ($250k/annually with 3% annual COLA) and the remainder is from W2 employment for my wife and I.

Any other local industries with short term employment?