Hi there,Asking such a big question: I'm trying to get my first deal done, and still trying to narrow down which city/area I should be looking at.I'm a first time investor, I live in San Jose, CA, but I'm inclined to invest out of state where R.O.I is in double digits.I've done quite some research and combined a list of cities below (feel free to add one if you think I'm missing one that has great R.O.I):Baltimore, MDNashville, TNChicago, ILMinneapolis, MNAtlanta, GADetroit, MIPhoenix, AZBoston, MABuffalo, NYMiami, FLDallas, TXDestin, FLCorpus Christi, TXClearwater Beach, FLOrlando, FLTampa, FLJacksonville, FLCape Coral, FLPittursburg, PAHuntsville & Montgomery, ALCleveland, OHCincinnati & Dayton, OHIndianapolis, INKansas City, MOColumbus, OHMilwaukee, WISan Antonio, TXCharlotte, NCArlington, TXReno, NVRichmond, VADurham, NCSt.

If you aren't keeping units up to modern design standards every 10ish years, your rents will continue to lag "market" rents.

Hi @Karl Sanft, with BTL we are referring to a buy-to-let property (property to rent out vs. to live in yourself or a combination of the two). 

To maximize returns, you should have some combination of all. 

If they are not the type you can adjust/take-out, then it likely is a lack of face framing combined with humidity and weight over the years.

I've found this strategy to combine good cash flow, built-in equity, and solid appreciation.

There is probably a lot more risk on CA prices than there is in the Midwest, however a 20% decline in home values would be a crash of epic proportions, only seen once in modern history.I don't think that's in the cards and here is why:No homeowner will discount their home by 20% (for many basically wipe out their life savings) if they are not forced to; they would rather not sell and just stay there and wait for better times.

Then I added more value through the remodel by gutting it to the studs (almost) and turning it from very old and nasty to a modern masterpiece starter home.

Strategic patience for the right opportunity at the right time combined with being ready to move quickly.

I'm in the process of combining 5 of my investment properties (currently individually mortgaged) into a portfolio loan.