This particular fourplex I paid $64k for fully rented.

We own and manage two and one is particularly difficult during the shoulder (slow) seasons.

I have no particular area that I'd like to start with or focus on, but probably prefer somewhere in the south of the US due to my strong aversion of winter.

Amarillo, actually.  1960’s build, nice area, but a family trade thing I never particularly wanted.  

Overall kinda ok area, but either you have to be pretty good at landlording or have a very knowledgeable in THIS particular area.

Is there room to reprice water so it’s rational such that the heaviest users pay the highest rates vs today where the lightest users do, particularly in areas like CA?

Affordable Entry Prices: Both Oklahoma City (OKC) and Tulsa offer properties well below your $200K-$300K range, making it easier to meet your cash flow goals.Landlord-Friendly Laws: Oklahoma is one of the most landlord-friendly states, which simplifies managing your investment and dealing with tenants.Strong Rental Demand: Both OKC and Tulsa have stable rental demand, especially in areas near colleges, hospitals, and growing suburbs.Job & Population Growth: OKC, in particular, has been experiencing job growth in energy, aerospace, and tech industries, contributing to a growing rental market.

Spain is also another promising market we’ve been exploring, particularly for its growing tourism and rental opportunities.Currently, we’re also reaching out to US investors who might be interested in exploring these markets with us.

Denver and its surrounds have particularly active markets and a lot of active individuals offering ancillary services so I'd suggest you research those available services you're looking at offering to help you get an idea for what is well covered, what is lacking and what your competitor's pricing looks like.

You need a reserve to handle unexpected costs, particularly during the first 1-2 years of ownership and learning how to manage the property.