Even if I am to not be taking home the lion's share of initial deals, I'd like to still be building some capital for future dealings.

These areas offer strong appreciation potential, steady growth, and stability.

All the markets you mentioned are solid choices for affordability and long-term growth potential.If you’re looking to narrow it down, consider Indianapolis or Columbia, SC, as both have strong rental demand, landlord-friendly laws, and stable economies.

.)- All in Cost = Cost to build * Square foot  - Sales Price = All in Cost + (All in cost * 20%)* Covers contractor and soft cost on either fee based or cost+- Profit = (Sales price - (Sales Price * 7%))* - All in Cost   accounts for agent fees and closing cost- Initial List Price = Sales price + 10%      A buffer to test market absorption- Break Even being All in cost, point where everyone is paid except me. - List price is to test the market absorption at "x" price. 250k land + build.

Think of it as the rough sketch that helps you figure out where you want to swim: Omaha’s stable single-family rentals with decent cash flow and strong appreciation potential, the sizzling up-and-coming pockets around San Antonio where off-market deals still lurk if you’re willing to roll up your sleeves, or those tight-knit Chicago neighborhoods where a trusted investor-friendly agent can point you to contractors who won’t ghost you mid-reno.

Stay away from Philly as their laws are as tricky as NYC's.I would strongly recommend you purchase something within an hours drive from you so you can learn on the job as a landlord. 

Research landlord-friendly states with lower property prices and strong rental demand, like Texas or the Midwest.

You may also want to check the Columbus OH market - great macroeconomics with lots of job and population growth along with major companies developing here that drive strong rental demand. 

We were not interested in the initial asking price, but countered with a much lower price.

It's so important to surround yourself with strong people (i learned that the hard waY...)