I am a Realtor and property manager in the far southwest suburbs and I work with a number of investors who are getting returns you mentioned and are doing so with high quality renters. 

The southwest part of the city is now the least developed and construction in the area is relentless.

I estimate a 3-5% appreciation per year in Southwest markets, but because the entry price point is more reasonable, cash flow is almost a sure thing.  

Ladika of the South West Institute some months back as I find this interesting as well.

I just closed a few months ago on a turnkey property on the Southwest side of  Atlanta, GA.  

I've narrowed neighborhoods down to:-Southwest Detroit: appears a good deal could cash flow and decent appreciation potential due to Ford at Michigan Central and the Strategic Neighborhood Fund-East English Village: affordable Class A (according to ATTOM Data) is very attractive-Rosedale Park/Grandmont Rosedale: there seems to be a lot of talk about these areas so it seems foolish to completely ignore them.Given these goals, do these neighborhoods seem appropriate or do you have other recommendations?

We haven't committed to anything yet, but have been playing with the idea of markets in the southwest as well, but I want to have a clear plan for acquiring leads/deal flow before I fully go.

Open up a gas credit card and Southwest airlines credit.

I also keep checking Washington County, there is a lot of expansion southwest of Portland, but not too far from the big freeways.If you ever need a property manager, we also have a property management business, Red Property Management and would love to do a proposal for you when you get your place (even though this was months ago, you may already have something). 

It’s a big decision you are making, and you have to be ready for all the responsibilities that come with it, and the harsh realities.I’m USAF, I’m currently on a six month all-expense paid vacation to Southwest Asia, I’m a traditional Guardsman, so I have 11 rentals on the side on top of my Civilian Career.You wish to use FHA, let me warn you about Mortgage Insurance.