Tampa seems like a market that is very hot and has inflated prices.  

@Jeremy Clarke , @Connor MaloneyNot to argue with your assessment of "rental rates are AMAZING in Fort Collins"... but... rental rates are only amazing if you bought into this market three or more years ago before the hyper inflation prices occurred.

You forgot inflation & lack of financing. 

That's my 3 cents worth (adjusted for inflation).

And the reason that it is less expensive out of state is usually the exact opposite reason as it is hard to find a deal in LA, there is much less demand and higher supply of housing ... even if the cash flow on day one appears high, if the rent increases don't keep up with inflation then CapEx will eat your lunch in the long haul and you will be losing purchasing power each and every year.

Inflation at 12% a year, as low as 1.5% year.

If in this day and age, in a great economy, the comps are all selling for 25% or less of replacement cost (a pro developer could not build them for that), that means you are looking in a VERY depressed RE market where prices are deflating well below inflation and you are likely taking on some serious risk IMO.

Flips and out-of-town investors inflate the price of houses for working Memphis families, which helps keep them in rental housing, Byrd indicated.

We live in a time of seemingly hyper-inflation and things are just getting more and more expensive.

They're are too many over inflated properties on the market in both High and Low-income areas.