Indy is not only a good cash flow market but has strong economic and demographic fundamentals such as growing population, jobs and  modern, diverse industry whereas St Louis and Birmingham are pretty stagnant.

I'm not even sure I ever answered this for myself, and since I recently retired I probably should know the answer :P .I've always considered diversity of income sources as important, or even more important, than net cash flow.

In these cities, your financial resources will go a long way enabling you to assemble a diverse multifamily portfolio and initiate a steady stream of income.

KC also has a strong and diverse economy with good jobs which can be important if you're making a permant move.But here's the thing, CA property would give you better chance of some meaningful equity from a funds standpoint.

@Casey MaytonBoth, diversity is good.

I'm sure picking the brains of others through groups would be beneficial and would offer me more diversity in terms of experienced knowledge instead of being formed in a cookie cutter.

Diverse Property Options: Branson offers a diverse range of rental properties to cater to various traveler preferences.

I can also have 2/3 units empty and still cover most of the mortgage.I think that for you investing in a multifamily would be a great idea, but you should maintain the diversity in your portfolio.

I love Riverside because of the economic opportunities that are continuing to grow and the diverse economy within this region.

I am an agent, so I have clients that do  a bunch of different things ;p I say start with finding a market you want to be in, Pittsburgh is very diverse, Student, Low income, High end, multi unit etc.