I’m looking to invest out of my home state, Texas, and have narrowed it down to 3 markets.

Austin is a fantastic market, with its growing tech presence and vibrant culture, making it a great choice for your future career. 

And yes you can move the market with just $1M.

Analyze Rental Comps & Market Trends•Look at recent rental comps in the community—not just those from a year ago, but the most recent listings with similar size, layout, and features.

Quote from @Marc Zak: In the market where I live (San Diego), appreciation has been strong and many predict it will continue to appreciate in the long term.However, with current interest rates (6% at best) and property tax (2%), the annual cost burden is 8%.Am I correct in saying that appreciation has to be above 8% annually (plus whatever my maintenance and vacancy costs are) for me to make any money in this scenario if the property is cash flow neutral?

I would always lean towards markets that are landlord-friendly. 

We manage several hundred rental properties throughout the San Diego market and I found your post very interesting. 

Depending on the condition you'll command a better price on the MLS vs. off market.

The Memphis market is THAT big?

The high appreciation market will be the higher cash flow market over the hold.