As an investor, it is getting harder to find rental properties in good area with a 10% ROI or higher, but not impossible. There are properties out there but you will be facing multiple offers and others investors with cash in hand, no contingencies, and close within 15 days.
Look for 3 bedrooms, 1 or 2 baths, in zips 95820,95821,95825,95826,95838,95833, Citrus Heights, 95828 and parts of 95608 under $150K.
The average Sacramento rental goes for about $1 per sq ft depending on the area. I would strongly make trip here and speak to some property managers. They do have a list of people that are looking for rentals.
If you already have properties, you know that owning a rental is more complicated than buying a stock and letting the cash roll in. Even if you hire a manager there is a lot of issues to deal with, and it is especially complicated if you are out of town if the house needs work. I work with a few reliable people who can deal with most issues. I've worked with several investors, most of whom backed out on deals that I thought were good investments, because they decided it was more than they could handle.
Nowadays, with prices so low, many people with decent credit and stable income can afford to buy, so landlords need to be more flexible with tenants.
If you have any other questions, I'd be happy to speak with you.
Realtor - Lyon Short Sale Certified
DRE # 01893550
Lyon RE Downtown
2801 J Street