I can say that with Phoenix, a multitude of opportunities can be in store for you if you invest in their market, network, or even just want to get familiar with it.What type of real estate are you into: fix & flips, buy & hold, multi-family, or something else?

I am not sure if I should stay local to my market.

These numbers suggest this could be a strong buy-and-hold investment, assuming the market supports your rent and expense estimates.Good luck!

Unless you are sourcing properties yourself off-market, REI became much more challenging in 2023, and downright brutal since the start of 2024 here.   

You could put most of your funds in the stock market and access them when needed for a HML.

So they used the actual rented data of these companies to compare what rentals should go for in your market.

Myers Market Update Feb 2024 (biggerpockets.com)

These cities are the well known, sub 100k markets in the US.

However, purchasing the replacement property from an estate where your mother-in-law is the executor and other heirs are your wife's aunts and cousins raises potential related-party concerns under Section 1031(f).The IRS generally prohibits 1031 exchanges between related parties unless both the buyer and seller hold their respective properties for at least two years after the exchange.To stay compliant and avoid disqualification, ensure:The estate sells the property directly before any distributions to heirs.You hold the replacement property for at least two years.The transaction is conducted at fair market value with no prearranged agreements.Given the IRS scrutiny of related-party 1031 exchanges, consult a qualified CPA or 1031 exchange accommodator to structure the deal properly and avoid potential capital gains tax liabilities.This post does not create a CPA-Client relationship.

It does not matter if you find the single best market in the US.