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First major hit in forever

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Atlanta vs Savannah vs Tampa?
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Pros:
- Since it’s class A you will hopefully get better tenants that won’t destroy your property (Make sure you screen well)
- If you are in an area that is appreciating Class A properties are great, however if there is a downturn class A properties tend to have the most room to fall as well. But overall it’ll be easy to rent out since it’s hopefully in a desirable area. Take advantage of annual rent increases to start getting some kind of cash flow.
Cons:
- The moment any issue arises, you’ll be in the hole. Hopefully all the major upgrades have been done recently (Roof, AC, etc) and you don’t need to worry about those for at-least 10 years.
Essentially at this point you are making the bet that appreciation will make your money, not cash flow. It may end up being cash flow positive in a couple years but you have to be willing to fund any expenses with your W2 income.
I’ve seen people do it and be successful, but that was during 2019-2022 when houses were appreciating like crazy.
Generally no. Most investors stick to multifamily in expensive areas since it has a higher cap rate.