I think there are a few questions to figure out what your goals are.
1. Are you looking for appreciation or cash flow? In 'good' areas, home prices are bid up beyond the actual flow of net income you might make, especially in this market! So a more 'challenged' neighborhood might get you your cash flow with lower appreciation, whereas in a better 'hood', appreciation with a negative cash flow might be what you find.
2. 'Fixer' or 'turnkey'? Do you want to try to find a bargain and then fix it up ('diamond in the rough), or is coordinating contractors and getting your hands 'dirty' not your style. I.e maybe you want to just 'turn the key' and rent out the house without much more work? Easier to find the homes that nobody wants (still not easy in this market) than one that is all fixed up.
3. Seller's market. There are very few homes for sale at this time (in my neighborhood listings, they are all either pending or sold, no SFH available since they are all consumed before they get to the market). What I am saying is that there are so many buyers for each home (15+ offers) that you need to bid as much as 5-10% over asking and even then some buyers come to sellers with all cash and it is hard to compete. Not saying that price appreciation is going to stop and 15 years gives you a good horizon, but it's a little like trying to buy an air conditioner during a heat wave.