I would do the keys, older little more stable, I think Smokey’s right now are over inflated and those who bought recently are gonna feel some pain in the coming years  I would be too concerned about weather events in the Keys

(Also, I did an evaluation of how the area weathered the 2009 financial crisis and discovered home prices were significantly less volatile than the majority of the rest of the country.

Weather: It's snowing in Chicago today.

Like you mentioned, cash flow is king in this business, and when you are able to acquire, rehab, hire, manage, pay off your loan, and still have positive cash flow you can weather a decent amount of storms that a larger property might throw at you.

And we are comfortable here year round (in the winters it can get into the 30s at night, and in the summers it can get to 115 during the day).According to google it looks like the weather in Asheville is more mild than where I live.

It seems like there are mixed opinions on this with some folks saying it's impossible to cash flow here, while some others are only willing to invest here given the natural tail winds (limited supply, proximity to ocean, good weather, higher income renters, etc.), in fact, MeetKevin recently said he only invests in SoCal.Thanks in advance. 

Also keep in mind the weather is quite harsh on the typically wood construction.

Still has the great weather though...cant beat that anywhere.  

Real Estate isn't a hot market all the time for any strategy, accurate forecasting isn't taught by RE Gurus, but it is in college.

You can do the same exercise with rents so you can better forecast rents you would receive.