I've always invested locally so far, but I'm in Seattle where cap rates, COC, whatever you want to look at, aren't good.
Thinking about moving about $50k-$100k (as the 25% down for a $200k to $400k property) to a LOCL place with high cap rates. E.g., there's an 11 unit multifamily rental for sale right now in Pine Bluff, AR, where they are asking $220k and state a 21% cap rate. I know I'd have to get a PM, and probably a contractor to do some fix-up (beyond standard handyman stuff). I'd also go check it out personally first. I saw some properties I like in Georgia and Arizona too.
My next step is to pick some properties, fly there, find PMs and contractors and go for it, but I thought I'd see what my fellow mustachians (I'm aspiring) think.