Or would you be more likely to look at microeconomic factors such as finding a complex that has been poorly managed? But assuming the microeconomic factors are identical, what would make you pick one location over another?
One buys multi family buildings to make a profit/income (hopefully if they have purchased at the right price) AND some buy so that they can have a job…that would be to manage that property and pay themselves for that management as well as earn profits from their investment or leveraged debt.
You won’t get much for $1,000,000 in Seattle. That’s enough for two middle class houses.
There’s a very good chance that prices will stay strong in Seattle. San Diego is a pretty safe bet, but again, your $1,000,000 won’t go far. Santa Barbara California should maintain price level and growth. I suspect that your million will get you a small cottage in Santa Barbara.
Portland Oregon has a severe housing shortage, so that would be a good place to build a new high rise apartment building. Maybe your million would buy the land to build it on.
You’ve got enough money to play in the West coast market, but you aren’t going to be a big fish.