If you’re hunting for 6–20 unit multifamily deals under $2 million, you’re likely asking: Where can I get the best combo of cash flow and appreciation, without ending up in a risky or landlord-hostile market?
We’ve crunched the latest rent growth, cap rate, and price-per-unit data and overlaid it with livability and landlord-friendliness. The result? These are the best US cities to invest in where smaller multifamily properties still make financial sense and make your life as a landlord easier.
Best US Cities to Invest
- Kansas City, MO
- Columbus, OH
- Indianapolis, IN
- Pittsburgh, PA
- Cleveland, OH
- Oklahoma City, OK
- Bonus Pick: Huntsville, AL
- Final Thoughts
Kansas City, MO
- Why it works: Kansas City offers solid cap rates, stable rent growth, and a business-friendly climate.
- Cap Rates: 5.5%–6%
- Rent Growth: ~3.5% YoY
- Pricing: $100K–$160K per unit
- Property Example: 8-unit brick buildings often trade for $1.1M–$1.3M
- Livability: Top suburbs like Overland Park and Lee’s Summit have excellent schools and low crime
- Investor Tip: Great city for both long-term holds and value-add plays.
Columbus, OH
- Why it works: Fast growth, major employers, and a large student base drive demand.
- Cap Rates: ~5.75%–6%
- Rent Growth: ~3.1% annually
- Pricing: ~$150K–$200K per door
- Property Example: 10-unit assets in Clintonville or Old North near OSU can sell below $2M
- Livability: Family-friendly, strong school systems in suburbs like Dublin
- Investor Tip: Solid bet for newer investors with long-term buy-and-hold goals.
Indianapolis, IN
- Why it works: Great supply of small multifamily buildings and a smooth permitting process.
- Cap Rates: ~5.75%–6%
- Rent Growth: ~2.5%
- Pricing: ~$130K–$180K per door
- Property Example: 6–12 unit properties in Irvington or Garfield Park can be found for $1.2M or less
- Livability: Excellent schools in Carmel and Zionsville
- Investor Tip: Look for light rehab opportunities—strong cash-on-cash returns.
Pittsburgh, PA
- Why it works: A transition city with upside. Solid healthcare and tech job base.
- Cap Rates: 6.25%–6.75%
- Rent Growth: ~3.0%
- Pricing: $120K–$180K per unit
- Property Example: 12-unit buildings in South Side or Mt. Washington for ~$1.5M
- Livability: Excellent family neighborhoods like Mt. Lebanon
- Investor Tip: Strong appreciation potential as the city densifies.
Cleveland, OH
- Why it works: High cap rates, affordable entry points, and robust healthcare jobs.
- Cap Rates: 6.5%–7%
- Rent Growth: ~3%
- Pricing: $100K–$140K per unit
- Property Example: 10-unit deals in Lakewood or Ohio City often list under $1.5M
- Livability: Good schools, parks, and low property taxes
- Investor Tip: Look for properties near Cleveland Clinic or Case Western for stable demand.
Oklahoma City, OK
- Why it works: High cash flow potential, pro-landlord laws, and low barriers to entry.
- Cap Rates: 6.25%–6.75%
- Rent Growth: ~3.2%
- Pricing: $80K–$120K per unit
- Property Example: 8–12 unit buildings in NW OKC or Edmond range from $800K–$1.5M
- Livability: Low crime suburbs like Mustang and Edmond, a family-oriented vibe
- Investor Tip: Very landlord-friendly state; rapid eviction process if needed.
Bonus Pick: Huntsville, AL
- Why it works: Tech and aerospace are booming here, and demand is growing fast.
- Cap Rates: 6%–6.5%
- Rent Trend: Stabilizing after rapid growth (slight dip in 2024)
- Pricing: $120K–$150K per unit
- Property Example: Newer 6-unit townhome-style multifamily for ~$1.1M
- Livability: Very low crime, great schools, zero state rent control
- Investor Tip: Watch supply pipeline—stick to infill or older neighborhoods with less new competition.
Final Thoughts
All of these markets offer strong fundamentals, manageable entry prices, and decent liquidity if you decide to exit. Among them which one is the best US cities to invest for you, depends on your strategy:
- Cash Flow Focus? Look at OKC, Cleveland, or Indianapolis
- Appreciation Play? Columbus, Pittsburgh, and Kansas City are your bets
- Balance of Both? Columbus or Kansas City hit the sweet spot
Data Sources
- CBRE U.S. Multifamily Market Reports (2023–2025)
- Yardi Matrix and CoStar Q1 2025 Market Summaries
- Zillow Home Value Index, Redfin Investor Trends
- Niche.com and BestPlaces.net for livability data
- Marcus & Millichap, Berkadia, and SVN brokerage insights
- U.S. Census Bureau and Bureau of Labor Statistics (BLS)
