For instance, targeting multifamily properties (2–4 units) is a great way to grow your portfolio.

I personally target Lauderdale, Limestone, Morgan, and Madison Counties.

You may also want to consider the type of tenant you are targeting. 

The best projects I've seen from my desk are folks who are doing hyper-targeted, well-researched deals that are generally in higher cost of living (there are exceptions) areas. 

Here’s our OPINION for the Metro Detroit market (use as a template for your target area!)

Quote from @Jules Aton: Does anyone target retention? 

Seems penny-wise and pound foolish.

This is verified based on the good schools, department stores opening up (Costco, Target etc.) as well as verified investment from Jerry Jones (Dallas Cowboys owner) and the city to grow the population.

I’m Keagan, a realtor and investor based in Indianapolis, and I’ve worked with several clients on value-add multifamily deals and have done a couple myself.For finding off-market opportunities, I’d recommend:County Tax Delinquent Lists – Great for uncovering distressed properties.Direct Mail Campaigns – Target out-of-state owners.Local Networking Events – Connect with wholesalers who specialize in multifamily.I’d be happy to introduce you to lenders and share leads if Indy is on your radar.

Therefore, any strategic/investing where you have a solid plan to get most/all of your capital back would be my target for this type of capital.