You'll be running a business and property management can be high risk if you're not fully versed on the Fair Housing Act, have a killer lease contract and addendum ready to go, along with a solid application and screening process. 

The usual problem I have found in these situations is the BF moves in afterward (so at least they are being honest and moving in together), and the BF has an exciting prior criminal background that is usually the deal killer.

You don't need to make a killer return on your first deal, that will come later, you just have to get started.Also, only rookies try to time the market and it never works, because either they think the market is too hot and will crash soon, or they think it's too scary, because the market is depressed.

Currently the main COC killer for my analysis is the high tax rate.

I refinanced into a mortgage to get my cash back and lock in a killer interest rate for 30yrs.

That would be a serious deal-killer around here.

Of course I hope you get it for that, but seems aggressive.Then the killer: where is your Capex?

Using a realtor to find an investment property seems counterintuitive because why wouldn't they keep the killer deals for themselves and pass the mediocre deals onto their best friends who have been making them money for years?!?

The only advice I have is make sure you get a killer deal (20% below market) and you could probably make the area work.

I have come across a few decent deals and one real killer deal but like anything else you have to have patience.