Playing cash flow and appreciation at the same time

[Eran G.]

I would like to get feedback on an idea I have of playing the cash flow and appreciation at the same time but in different markets.  

Here is the strategy:

I am thinking of investing my existing money for cash flow in an MF property in one of the usual cash flow places: Memphis, Indy, KS, Atlanta etc etc.  This would likely be in the form of a conventional loan with me putting down 25%.  

That said, I do have an "appreciation" for playing the appreciation game as I have a property in Los Angeles that I bought in 2010 that has appreciated 80% since I bought it.  There is no doubt that solid appreciation will outperform cash flow with the caveat that appreciation is speculative and cash flow not nearly as much.  The thinking goes like this:  The LA market is very hot and may or may not continue to appreciate in the near future, in fact, many would argue that a bubble is taking place at the moment.  I am thinking of selling my LA property (which is currently cash flowing about $400/month) and with that money buying 2 houses in Austin to play the appreciation game (with potentially little to no cash flow) since Austin long-term has more room to grow (IMHO) price-wise.  

Is this too risky of a move?  Should I sell a property that is currently cash flowing $400 a month and has appreciated 80% since I bought it (and has the potential to continue to appreciate) to buy a property out of state with the speculative goal of it appreciating in a place that has already experienced a considerable amount of appreciation?

I would love feedback on this idea.