I live in a very expensive market (Seattle, WA) and I am looking to invest out of State.

There are really great REI opportunities in different markets - markets in the Midwest and Southeast of the country are particularly lucrative - where not only are the purchase prices reasonable for most RE investors, but the homes are turnkey (new builds or completely rehabbed homes, tenant ready, systems 10 years of life remaining on them, property management teams in place) with appreciating home value AND appreciating rent.

Are they at market rent, or locked into below-market rates?

I wanted to see what markets have both a relatively high rent-to-price ratio and high appreciation.

Much like other markets in the Midwest, investors go to our market because of the low barrier to entry.

Unless you are sourcing properties yourself off-market, REI became much more challenging in 2023, and downright brutal since the start of 2024 here.   

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

Passive income is certainly the name of the game - building a real estate portfolio and creating generational wealth are key ingredients to long term holistic financial health and success.There are fantastic real estate investment opportunities in various markets, particularly in the Midwest and Southeast of the country. 

I'm curious to dive deeper into the Santa Fe market and would love to learn from those with local experience.

Those states could be nearby in your market area.