Hi Chris,Rentometer.com is a good quick-look tool and craigslist is a little more precise on seeing what's currently available.

That is precisely why you will pay a lower cap rate in Los Angeles, New York, San Francisco, Santa Monica:  because it's a pretty SAFE real estate play.Now the UGLY:  The Ugly thing about the concept of rent control is that there is absolutely ZERO incentive to fixing up a property.  

What makes NJ (northern to be precise) so great is its close proximity to NYC.

I was not an active investor at the time so I cannot answer your questions with precision, but from what I gather from podcasts guests and forums the market there seems pretty flooded with folks trying to find their niche. 

I only mention this as funds are always limited and you might need to make a trade-off, so I have found it very helpful to precisely understand my real estate objectives.

I am keeping all of my money in CA for now precisely because I think we have more appreciation ahead.  

@Bob Bowling That was precisely the point.  

@Michael Noto We do have pictures up. 18 to be precise.

So, you need to be precise with your timing. 

But the paucity or lack of information about these markets, if one is an efficient market theorist, actually means that there are potentially greater returns to be realized—precisely because of their apparent inefficiency.4.