Hey @Dan WardWould love to give you some advice , those are my primary markets as an investor and agent helping others. 

Look at their marketing strategy.

Good potential for appreciation/rent growth upside as well in the next 5-10 years in my opinion with the market still being one of the most affordable in the country.

It goes to your preference, of course, but whichever can produce the greatest ROI should be considered.There are many markets in Michigan, for example, where it is cheaper to buy an existing house and fix it up than it is to build new.That may not be the case where you are at or through the construction suppliers and contractors you may have access to.To Your Success!

Depending on your long term goals I wholesale and use the assignments fees to buy free and clear properties and I use creative marketing to buy and keep in my portfolio. 

hope it works.. but throwing in the affordable housing requirement a lot of times kills the project right there.Also at least in markets I have worked the time lines START from completed submission.. you make your submission and then get an incomplete letter this goes on for months and months soo time lines still extend.. but at least its a step in the right direction hope if works.

But to date, I've just set my rents at a rate that accounts for me having to pay the water bill - and informed the residents that each year I'll increase the rent based upon my expenses (including water), so keeping the bill down helps me to help them.But one problem this could cause is if increasing the rent to cover the water bill then places your rent above the market rate.

But it really depends on how good your marketing is.

I have been narrowing down some markets and trying to explore/research more and network.

I'm looking for ways to invest in up-and-coming markets in Southern California, such as in San Bernardino County and Riverside County.