I would starting by have a clear goal for your investment - is it cash flow, COC, ROE? 

You have to take into consideration a few things like Location, Property type, Number of Units, and which will yield a higher ROI like LTR or STR using VRBO/AirBNB.

@Harley Emelia  You need to calculate your Return On Equity ((Cash Flow + Principle Paydown + Projected Appreciation)/Equity).

If we bought a new primary with cash at say $1 mil we could still have money to put into index funds or something.I realize it's leaving money on the table by not leveraging all of the sale into more rentals but being in California it's pretty tough to pencil out rental returns to have good cash flow.

Its hard to find cash flow in most of the suburbs due to the taxes being higher. 

Make sure you are cash-flowing after taking into account all the expenses and saving for future repairs. 

I’ve looked into OOS markets and can’t seem to find those golden deals others talk about that are priced under $200K for a 4 unit and cash flowing $700/unit.

I buy properties that make pre-tax cash flow sense (after debt service) from day 1.  

If you're looking for a long-term investment that will provide consistent cash flow and appreciation, I would go all in on Miami.

My plan is to keep this property since I don't have any of my money in the property and it cash flows.