Like Mr. Mceachern stated, stay around the Perimeter Highway (285) and inside 285 if possible for the best income potential.
I'm a South Atlanta Realtor, so guess where my recommendations are....
Fayette County - Great schools, great living, close to Atlanta, never more than about 50 homes to rent ever. The smallest single family home rents for at least $1000 a month. But - not many foreclosures (never more than 10) Good luck finding anything to buy under $100K.
Intown higher end neighborhoods- Never much for rent in there, so you should be able to rent whatever you buy there. Good luck finding anything in your price range.
Coweta County - New hospital going in that should bring many jobs and create a greater demand for both long and short term rentals. Good schools. Good living.
Henry County - You have to pick your schools and neighborhoods, and they may take a little longer to rent, but there is good inventory on foreclosures.
By the way, if you've never done this before, I suggest you do it where you live so you can keep your hands on it.
In my experience buying a single family home in some of the top school districts around Atlanta and in the Burbs is a good investment.
Many people who have gone through tough times such as bankruptcy, foreclosure, etc. cannot get financing to buy a home, but they want to rent a home where they can keep their kids in good schools.
In addition this will gain you a better tenant and a possible sale later down the road.
Let me know if I can assist you in finding some of these properties. Our company has an extensive inventory of foreclosures and I work closely with several foreclosure agents working with other brokers as well.
You can reach me through my Trulia Profile.
What are you thinking so far? What neighborhoods are you seeing that make sense?
If you tell me 30310 or 30032, then I'll say cut your price goal in half...
If you tell me 30317 or 30312, then I'll say that you are going somewhere.
Bill and Scott got my thumbs up. In your price range, I advocate for duplexes too.
We have a number of fully renovated properties in that price range that will generate good positive cashflow. All new electrical and plumbing. We can also manage anything we sell you and will guarantee the rent of the existing tenant for 6 months.
Contact me through this site if you want a list of available properties.
His profile is below. He is also an appraiser so he can really help to nail down a price on a house. WHat more can you ask for?
Get a Realtor to look around for you. If you can find one, contact me. I can HELP.
Solid Source Realty