And my options are: -One $800k property in CA (25% down), or-Two $400k properties in ID (both at 25% down).If we take the 2015-2020 5-year appreciation (so as not to include the roller coaster and unlikely 5-year market we experienced from 2020-2025) for each state, the CA property would see an average appreciation of 37%.

If you got a sight unseen, off market offer it could be a low baller.

I like the idea of out-of-state STR in a less expensive market.

What is the average spread in the market(s) you are in for flips?

We blast 500 - 5,000 messages a day from one number in multiple markets, and we never had an issue.

Not sure why owners invest in rentals, yet do very little research on market conditions!

It sounds like you have a solid, strategic approach, especially with a focus on value-add properties in appreciating markets.

Also, if you're having trouble finding inventory in your market, look for single family homes with accessory units or even mother daughter setups.

@Sean Spagnola - I always like to have photos of recent comps in my back pocket to help with the design of a BRRRR to ensure that the finishes are similar/same to the market. 

Also, REITs are correlated with the stock market and with the RE market.