Here is a copy paste from a post of mine a couple years ago.http://forums.biggerpockets.com/viewtopic.php?

They visited Waco on the Magnolia tour idea and saw the houses, saw the prices and wished they could have moved there and just commuted maybe 1 or 2x a month for the office meeting.   90min drive every day would have been killer, but a couple of times a month they thought wasn't bad.

Thank you everyone,  I appreciate all the help except for the first couple responses. 

If you had a decent war chest of funds for purchase and rehab, the area could be good if you want appreciation for the next couple years. 

Convert the Property to a Primary Residence: If you live in the property for at least two of the five years before selling, you may qualify for the primary residence exclusion, which allows you to exclude up to $250,000 of capital gains ($500,000 for married couples) from taxation.4.

This is our second rental in Indianapolis that we closed on a couple of months ago, but it has been difficult finding tenants.

A couple of things in regards to saving on taxes by utilizing depreciation correctly.

We booked a couple people so far, with one person interested in creating a mid term lease.

I would take a look at a couple different things, at least speaking from a tax perspective. 

I've modeled it out a couple of times.