@Michael Hill, I've come across this one as well.

A lot of investors go over the hill to Reno for those reasons. 

Camp Hill, Harrisburg, and Lemoyne.

Quote from @Michael Hill: Quote from @Alex S.: Hello!  

In Reno, NV, there was already a downturn that nobody noticed...We're just over the hill with somewhat similar dynamics but obviously a different market. 

By removing risk, you create safety but the snowball does not go as quickly down the hill.

There are a few exceptions, like those well known/accepted areas like Beverly Hills or Palos Verdes Estates or those areas where every house within a 2 mile radius sells for over $5M.

The only thing I would say is that the east side neighborhoods(Dignowty, Highland Park, Government Hill, etc..) are getting nicer every month since there are so many investors rehabbing those properties, so I wouldn't discount them completely.

Hello BP, I'm a new Multifamily Investor in San Antonio and I'm looking at properties in Government Hill and Denver Heights. 

She can go right over the hill to Kalamath falls and buy rentals for almost the same price as mid west..