What areas are strong for cash flow and buying at a discount?

I am currently buying in Memphis, Tenn. What other areas around the country can you buy with cash, bank owned, that need rehabbed, and after repairs be in it around 50-60% of value.
Here is the sweetspot specifics needed:

Strong cash flow
bank owned selling around 15-35K
Market range after repairs 50-80K
Strong rental demand
rent range 600-900

With these type of homes you can:

  1. Rehab, rent out and flip at a discount for quick profits (short term)
    rehab, rent, and hold for 2-3 years and then sell at retail. larger profits (midrange term)
    rehab, rent, cash flow and hold. (long term funds)

Thank you.