If anyone has recommendations for financing, engineering, or GCs in South Bay, please let me know.

Alas, we're in the Tampa Bay area and not Indy, but I'm happy to discuss it some time if you want to PM me. 

I’m also in the Tampa Bay Area.

Similar headwinds weigh on leasing in other middle-rankingmarkets such as New York City and California’s East Bay.

I don't do it any longer, but I still know good bankers at pretty much every bank in the Bay Area.

For example, as of 12/22/2015 here is the aggregation of 1 year of sold auction data for Tampa Bay. 

I live in California (North Bay region) and I own a SFH here and I am planning to invest out of state.

It's good to see that even in the Midwest city, it is reaching a better cap rate than the bay area market.

if your doing fha va then your basically 95% leveraged and you should not expect positive cash flow until rents rise a tad.. have small negative cash flow on a highly levered deal is not a bad thing I you have a quality property and you believe rents and values will rise over time.Virtually every investor for instance that invests in the SF bay area is negative the first 2 to 5years but then they kill it on appreciation..

I know other Bay Area investors buying here or close buy but doing value add such as ADUs, house hacking, or mid-term or short term rentals (long rentals at current interest rates and prices will be very negative cash flow).