If you are going to use a property manager, then why limit your search to local where homes are generally more expensive in relation to rents. I currently have six rentals scattered thousands of miles apart, and have been a landlord for 25 years. It’s all about the numbers, and rule number one is never believe them at first glance. Second, finding a reputable property manager is key, so you might want to start there. There’s a few operations out there that sell turn key, fully managed, already rented former REOs, with acceptable returns. If you manage the property yourself be comfortable with the demographic, even if it means a smaller return, and keep your property close to where you live.
