Out of your list, I suggest the Northern and Western cities you listed (Conroe, Montgomery, and Katy).

THEN, during the phase where a SFH investment went bad, there is the stress of hearing about, and PERSONALLY dealing with a stressing about it. ie. tenant stops paying rent, political problems in the city causing massive differences in fundamentals, tornado hits your house, then you are IN THE THICK OF IT for a few months, dealing with the fact that this investment you already put 10-12 hours into, probably will take another 10-12 hours of your own stress as the $50K loss materialized.

I removed the chimney and added modern HVAC, making it the only house on the block with it, significantly enhancing its value.

I have referred a loan out of state based on NOI, cap rate at purchase, room for increase income and purchase price vs market value.Maybe I didn’t articulate the intent of the post as clearly as I hopedFor anyone who has bought multi family out of state, “what are gives you the warm and fuzzies about a deal”:Obviously not cap rate, but maybe vacancy rate,  Cash on Cash ,GRM, IRR, Unlevered free cash flow, Cities over 250k?

Since downtown development land goes for $30 million/acre, $100k imposed by the progressive city government for a 40 story building permit is a minor annoyance.

The city offers more affordability compared to the DMV area, with many renovated homes selling below 350k giving you a better chance at finding a property that fits your budget while avoiding sky-high prices.

I removed the chimney and added modern HVAC, making it the only house on the block with it, significantly enhancing its value.

Target ReturnsWhile target returns are crucial, these should be discussed only with investors—not brokers or others helping you find deals.Sample Investment CriteriaHere’s an example of well-defined CCC:Location: Primary and secondary cities in the Southeast with population growth.Type & Class: Class C garden-style or walk-up workforce housing with repositioning opportunities.Age: 1980s construction or newer (case-by-case for older).Price: $5M–$12M, requiring $1.5M–$3M in funds.Size: 100+ units.Cap Rates: Market rates.Roof Type: Pitched roofs preferred.Value-Add: Opportunities for improvements or better management.Why This MattersBy creating crystal clear criteria, you:Avoid wasting time on deals that don’t align with your goals.Build trust with brokers and partners by demonstrating a focused investment strategy.Increase your chances of finding deals that meet your financial and operational objectives.I'll be posting each chapter as I go through them so you can follow along from my notes and we can discuss different strategies.

Quote from @Makani Donaldson: From what I understand, different islands or cities have different rules, and they are getting stricter.

In the city of Portland (Oregon) they only allow us to run rental/criminal history if a tenant applicant isn't contributing to rent (if they aren't paying, we don't get to look at their finances).