There may be value in those cities if you can compare the foreclosure markets to the rental markets. In the Sacramento area of Roseville, you can get foreclosed homes for cheap and the rental market is pretty strong. Check out the article I have linked to to see if you may find some deals in markets you may be interested in.

Check out the top foreclosure cities here. http://www.businessinsider.com/metros-with-high-foreclosures-2011-8#