Lastly cities in the southern and western United States, like Austin, Atlanta, Dallas, Phoenix, and Orlando, have experienced strong population and job growth, making them attractive for real estate investments.

To build long term wealth, I'd suggest purchasing the old fashioned way. 

I think I agree that it would take something like a sharp and sudden interest rate hike to shock the markets in that fashion, which is highly unlikely. 

I'm in SE PA, found a property in western PA, about 4-5 hrs away.

Quote from @Jason Allen: Hi Jason,Do you use an actual old fashioned Rolodex?

Escalation clauses are fashionable in HOT markets, seller carry's could be the play in a down turn.

While the cash flow (if any after debt service) is trifling, I know that because this is in a great area (Willow and Ashlan, right next to Fashion Fair and Fresno State), I'm going to have a great tenant pool and feel comfortable visiting my property.In sum, there are properties in Fresno that cash flow in your price range.

New Western

The entire western and southern walls of both apartments were "professionally" replaced sometime in, I suspect, the early 1990s.

I'd be more nervous investing in western ND with the oil boom, but Fargo is a good 4-5 hours drive from that.