The numbers you mention in your post are confusing - like $150k annual income from a rental property.  

-------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I'm a neophyte when it comes to investing in rental properties. 

While @Phillip Austin mentioned Raleigh is a higher returns its just very much a appreciation market, you will not find rentals that cashflow, so depending on your goals its a good or bad market.

Clarify your strategy—whether it's rentals, flips, or house hacking—and build a team of agents, lenders, and contractors.

Quote from @Samuel Kim: Can any CPA that is taking new clients message me, I am a metro Atlanta investor with 9 rental properties and need help with taxes. 

I still attend local meet ups and talk to dozens of investors and am considering other strategies like Mid-Term Rentals or rent by the room. 

@Christopher HeidrichRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Once you do this conversion you can't change it back to a traditional long-term rental. 

Buy and hold used as short term rental property.