@Drew Hittner As an Arizona Property Manager with a focus on the SE Valley area I would struggle to be convinced this would be a good idea. #1 this tends to be a low crime bedroom community area. 

Not price.Cap rate = Net operating income/Price.Change the Price any way you want and the cash flow won't be affected per se.

No Pro Se.

BTW, my focus now is acquiring value-add MF assets in the SE -- primarily the Carolinas.

Second, people steal from unlocked mailboxes.Id say no one is at fault here per se, **** happens.

On the other hand, higher-cost areas like where I live in SE Idaho, can have good appreciation, great tenant base with income that can pay the rents, and certain areas like mine, low crime which helps.

The southwest area; Dr Phiilips, Windermere and Winter Garden are good for investing, as well as the SE side near the new Medical City (VA Hospital, Nemours, University of Florida Medical School, and Burnham Institute).

asking because SE  borrowers can  be more challenging to  get approeved as  most  lenders  will  use  previous 2  yrs of tax  returns to  determine the  qualifying income 

This is not per se a reason to invest somewhere, but I think most of us enjoy being around people we like.

I can see us consolidating our investments in various cities in FL and SE US once we move down there, and managing them ourselves some day.