The strategy may change, but every market can work.

If your priority is cash flow, then you need to look at markets that support that.

This significantly simplifies the process as it takes the secondary market out of the construction part of the process. 

I'll hand it to Pace Morby tho- he is an amazing marketer. 

Years ago I bought houses for $25k in my market.

But usually section 8 is the same or slightly above market rents.

One unit is occupied by a low-income senior not on the Housing Choice Voucher program and paying well below market rent.

So choice is staying stock market and making 15%-20% or buying property and MAYBE breaking even. 

My recommendation would be to choose potential markets - in several price points - that have strong rental demand and year-over-year rent increases and that also are in markets that are appreciating. 

Only do off market properties.