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. 

The Memphis market is THAT big?

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

It works...but any marketing works, it just depends. 

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

Market forces are pushing and pulling but not a source of anything breaking.

My market is houston text.

Some general pros v cons - I'm sure other people will provide other insights as wellPros: -Above market rents- Monthly rent payment on time that you don't have to worry about or chase anyone down for (if full pay)- No shortage of tenants depending on your standards - Tenants are incentivized to not trash/destroy the unit, otherwise they'll lose their voucher (Yearly inspections made by local S8 inspectors to keep everyone honest- Rental payouts are normally adjusted 1-2 times a year to keep up with market rentsCons:- May take a little while to get onboarded - dealing with local govt can always take longer than expected   - Generally won't have a super high credit score (to be expected given it's the govt paying for rent)- Each unit will need to be inspected and meet a certain living standard in order to be approved for fundingYou'll want to make sure you work with a property manager who has extensive experience in working with S8. 

Purchase price: $77,000 Sale price: $85,000 Contributors: Peter Vekselman Partner Driven teamed up with Jamari Sprueil to secure this off-market deal in Decatur for $77,000.