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For investors  looking to get into the real estate  market, one factor should be considered above all others: location, location,  location.

RealtyTrac has combed the country to find 25 “hidden gem” markets — areas that are little-known,  aren’t swarming with big institutional investors, and boast sizeable yields.

The firm based its study on a combination of five factors: median home value  (single-family, three-bedroom home), unemployment, median rental value,  institutional investor sales, and gross yield.

In the markets that made up the cream of the crop, institutional investor  purchases accounted for 5% or less of all residential sales (the less  competition from Big Players, the better for average investors) in the  three-month period ending in July, and the unemployment rate was 7.5% or  lower.

“Buying single family homes as rentals still  yields solid returns in many markets across the nation, but it is difficult for  individual investors and even small-to medium-sized institutional investors to  find reasonably priced inventory in markets dominated by the 800-pound gorillas  in the single family rental space,” said Daren Blomquist, vice president at  RealtyTrac. “With this analysis we’ve identified the top overlooked markets  where single family rentals still make good financial sense but where there is  little to no competition from the big players.”

25. Shelby County, Ala.: Gross yield for real estate  investors is 9.1%.

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Investor sales: 1.9% Unemployment: 4.5% Median home value:  $157,000 Median rent value: $1194

Gross yield: 9.1%

24. Madison County, Ala.: Gross real estate investor  yield totals 9.2%.

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Investor sales: 4.3% Unemployment: 6.0% Median home value:  $126,000 Median rent value: $961

Gross yield: 9.2%

23. Waukesha, Wisc.: Gross yield for real estate  investors is 9.2%.

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Investor sales: 1.0% Unemployment: 6.3% Median home value:  $208,000 Median rent value: $1595

Gross yield: 9.2%

22. Newport News, Va.: Gross real estate investor yields  total 9.2%.

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Investor sales: 4.1% Unemployment: 6.8% Median home value:  $167,000 Median rent value: $1286

Gross yield: 9.2%

21. Saint Charles County, MO: Gross real estate investor  yields total 9.4%.

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Investor sales: 3.8% Unemployment: 6.1% Median home value:  $158,000 Median rent value: $1232

Gross yield: 9.4%

20. Washington County, Penn.: Gross yield for real  estate investors totals 9.4%.

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Investor sales: 1.8% Unemployment: 7.3% Median home value:  $141,000 Median rent value: $1106

Gross yield: 9.4%

19. Litchfield County, Conn.: Gross yield for real  estate investors is 9.4%.

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Investor sales: 2.3% Unemployment: 7.3% Median home value:  $228,000 Median rent value: $1790

Gross yield: 9.4%

18. Escambia County, Fla.: Gross real estate investor  yield totals 9.4%.

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Investor sales: 4.3% Unemployment: 7.1% Median home value:  $116,000 Median rent value: $913

Gross yield: 9.4%

17. Santa Rosa County, Fla.: Gross real estate investor  yield totals 9.5%.

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Investor sales: 3.7% Unemployment: 6.7% Median home value:  $145,000 Median rent value: $1153

Gross yield: 9.5%

16. Charles County, Md.: Gross real estate investor  yield totals 9.5%.

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Investor sales: 1.4% Unemployment: 6.9% Median home value:  $219,000 Median rent value: $1742

Gross yield: 9.5%

15. Kent County, Mich.: Gross real estate investor yield  totals 9.7%.

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Investor sales: 2.9% Unemployment: 6.9% Median home value:  $116,000 Median rent value: $936

Gross yield: 9.7%

14. Shawnee County, Kan.: Gross real estate investor  yield totals 9.8%.

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Investor sales: 4.7 Unemployment: 6.2% Median home value:  $106,000 Median rent value: $864

Gross yield: 9.8%

13. Lake County, Ohio: Gross real estate investor yield  totals 9.8%.

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Investor sales: 2.2% Unemployment: 7.1% Median home value:  $127,000 Median rent value: $1036

Gross yield: 9.8%

12. Boon County, Mo.: Gross real estate investor yield  totals 9.8%.

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Investor sales: 3.5% Unemployment: 5.3% Median home value:  $141,000 Median rent value: $1154

Gross yield: 9.8%

11. Summit County, Ohio: Gross real estate investor  yield totals 9.8%.

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Investor sales: 2.8% Unemployment: 7.1% Median home value:  $107,000 Median rent value: $876

Gross yield: 9.8%

10. Allegheny County, Penn.: Gross real estate investor  yield totals 9.8%.

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Investor sales: 2.9% Unemployment: 6.9% Median home value:  $126,000 Median rent value: $1034

Gross yield: 9.8%

9. Jefferson County, La.: Gross real estate investor  yield totals 9.9%.

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Investor sales: 3.0% Unemployment: 7.3% Median home value:  $153,000 Median rent value: $1260

Gross yield: 9.9%

8. Schenectady, NY: Gross real estate investor yield  totals 10%.

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Median home value: $153,000 Median rent value: $1278 Investor sales:  2.2% Unemployment: 6.9%

Gross yield: 10.0%

7. Alachua County, Fla.: Gross real estate investor  yields total 10.1%.

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Median home value: $139,000 Median rent value: $1175 Investor sales:  4.3% Unemployment: 5.9%

Gross yield: 10.1%

6. Davidson County, Tenn.: Gross real estate investor  yield totals 10.2%.

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Median home value: $149,000 Median rent value: $1263 Investor sales:  5.3% Unemployment: 7.1%

Gross yield: 10.2%

5. Monroe County, N.Y.: Gross real estate investor yield  totals 10.3%.

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Median home value: $121,000 Median rent value:  $1,043 Investor sales: 2.5% Unemployment:  7.0%

Gross yield: 10.3%

4. Austin-Round Rock, Texas: Gross real estate investor  yields total 10.7%.

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Median home value: $158,000 Median rent value:  $1403 Investor sales: 4.7% Unemployment:  5.7%

Gross yield: 10.7%

Canadian County, Okla.: Gross real estate investor  yields total 10.8%.

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Median home value:  $131,000 Median rent value: $1176 Investor  sales: 3.7% Unemployment: 4.9%

Gross yield: 10.8%

2. Lubbock County, Texas: Gross real estate investor  yield totals 11.8%.

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Investor sales: 4.9% Unemployment: 6.1% Median home value:  $111,000 Median rent value: $1,089

Gross yield:  11.8%

 

1. Wichita Falls, Texas: Gross real estate investor  yield totals 13.4%.

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Investor sales: 4.5% Unemployment: 6.8% Median home value:  $84,000 Median rent value: $938

Gross yield: 13.4%