If you are tough and big and don't mind owning multi-fam in Bay Area (please don't do it), Richmond offers pretty strong cash flow at 7%. But we are likely dealing with pretty low end tenants.
Stockton, Sac, Fresno and Bakersfield, up and down Hwy 99 also offers pretty strong cash flow at 6-7%. Probably don't need to go down to SoCal.
Popular investment towns like LV, Phoenix, Texas etc actually don't seem to be worth the trouble. The best they can do is 7 Cap and we have 7 Cap close to home in Stockton and Sac. Plus we have the ultimate landlord enrichment scheme in Prop 13. Why bother?
BUT WHAT'S THE DEAL WITH FLORIDA?!!! YES I AM SCREAMING!! Tampa has 9 Cap?!! Orlando 8 Cap?!! What's going on?