The Southeast saw huge migration numbers too, which drove the lack of inventory even more.

The main problem is that not knowing what the US Congress will end up doing, you have no way to determine how long this will go on and how many more citizens will migrate to the states decreasing population and hence potential tenants.

I’ve been on BP for a while— I live in LA & my family is looking to migrate to Virginia to raise our kids.

Investors are coming out of the woodwork and migrating from the Bay Area and beyond to snatch up property in one of the hottest markets in the country...

As investors, we are are currently looking at emerging markets based on recent migrations. 

@Aaron MoayedHi Aaron,I can only speak to my personal experience— which I Broker between Atlanta and Los Angeles for the entertainment industry.Los Angeles historically has been an appreciation play whereas Atlanta due to its significant filming and production and the migration of so many blue chip companies has been a great area for cash flow for my client, as they acquire properties at a lesser cost than in Los Angeles yet the rents can be arguably comparable.All that being said, it really depends on your financing structure for the acquisition.

Currently there are 23 two-to-four unit properties on the market in Sacramento priced under $300k, but there are 31 in San Joaquin county which will give you a lot more options.Here's a guide to Stockton and Sacramento just in case you're interested:https://www.biggerpockets.com/forums/621/topics/396725-millennial-migration-to-sacramento-2017---here-comes-the-rushhttps://www.biggerpockets.com/forums/627/topics/424510-how-to-invest-in-stockton-ca---a-detailed-overviewHope that information helps.

The circa 1900 homes I have found have mostly been old farm homes where the path of migration has developed around it.

Net migration, employment growth, and economic/industrial diversity are very important as well.

Combine that with the city's migration to the suburbs and you have a supply and demand crisis.