"Safe" Cash flow buy w/ limited appreciation or 203k slow start?

[RZ Holli]

I found a low cost buy that is close to rent ready. It's clean, maintained and needs a section of gutter and a water heater. Its in a calm area near schools and a massive park/equestrian facility. C because it's semi rural not overly developed area. It's not really in demand compared to other areas of town. I can exceed the 2% rule with this property but I will never gain large appreciation margins due to the size and location. This buy would be of lower risk to me and give me some training wheels for my first property. Get my LLC, my systems in place, Tax advantage, and start the clock on being a landlord in the eyes of lenders.

Only concern with the buy is that it is 2 lots over from the very edge of a flood plane ( no insurance required and my "exits". The house has had a hard time being sold because of low price. Lenders don't want to put together a loan for that price. Should I need to sell it I could be holding this thing for a long while. Unless I seller financed/rent to owned for someone.

My other option is to do a 203k loan live in a property (that will slowly appreciate) for a year then get out and rent it. This would allow me to get a property in an area I know will appreciate and generate cash flow. This will slow me down with cash flow and I may run into drama before I even get set up to rent it out.

My end game is to have a portfolio of all brick ranches from the 1950's to 1980's no basements no garages.  I'm leaning toward the idea of a series of cash flowing "pigs" until I can acquire / trade up to what I want. Just looking to the BP hive mind for some clarity. Digesting pod casts and books can turn into white noise after a bit.

Thanks to all

RZ