I just recently posted an article about this on BP: https://www.biggerpockets.com/blogs/10145/66160-how-to-identify-emerging-markets

You have to remember that PM is taking away a headache for you, you're not getting those late payment calls, the emergency "toilet is leaking call".

I'm trying to get an idea of what might be some of the better emerging markets around the country.

I believe you should prepare yourself for an eviction and be in a place to step in and deal with this situation.Get copies of the paperwork -- lease, application, background checks, and emergency contacts.   

This fee would include, at no additional cost, 24/7 emergency call-out by tenants or landlord to address issues that arise, such as a furnace going out, a leaky faucet, a burst pipe, a stove not working, etc...?

Less than 10% cap rate ok if there is a strong value add play and/or property is clearly in an emerging market and in the path of progress.

Right now I just hold onto the cash because although it is not earning money, I can use it for emergencies AND I lost no money to inflation if I use it to pay off my house...I made a decision similar to this when I was younger and it was the right decision.

But, in my view 22k is a savings and emergency fund not investment capital.

You'll have more flexibility with a personal emergency fund.  

Also just have around 5-6k for closing costs and then the emergency fund.