I have a friend who is a banker locally, he's seen business bank numbers for 40 years...he know what makes a strong business client and when it is a weak business with some good years.

There are more factors than just the community (#beds, level of theming, location to the amenities, style of home (single family, townhome, condo) and others) But I would strongly advise to stay within some of the same communities you mentioned like Storey Lake, Windsor Hills, Championsgate and a few others if cash flow is your goal.

If you move to NYC, focus on maximizing your earning potential while investing in affordable out-of-state markets with strong rental demand, like San Antonio or Indianapolis.

With a budget of $300K-$400K, you could potentially find single-family homes or small multi-units in those areas.I'd recommend researching rental demand near universities like Duke or NC State or even checking out neighborhoods with strong job growth near tech hubs.

Areas near downtown Ventura or the college (Ventura College) are worth exploring for strong tenant demand.

But, they will be in challenging parts of town where realistically you do not want to own property and your long-run returns will under-perform.I'd encourage you to find a balance of sub-market growth, nearby employment, strong income, and only then a good rent-to-value ratio. 

The big pros are the strong job market (lots of major employers), good population growth, and still-reasonable entry prices.

You can certainly find a property for cash flow that may also bring you a strong return on that investment.

These areas tend to have more affordable properties compared to central Phoenix and still offer strong rental demand and appreciation potential.

We've got strong job growth (tech, healthcare, education), stable population growth, strong rental demand, and plenty of value-add opportunities in multifamily.