How did I do on my first investment property?

[Yogesh M sayanakar]

Hi folks, I recently closed on a new townhome that I purchased at $302990 and rented it within less than a week for $2100. I did secure an 7/6ARM for 6%, and plan to be able to refinance within the next few years to a 30 year. I’m $270/mo cash flowing and self managing the property, comments , thoughts welcome. 
I have another opportunity to rinse and repeat is the same community  OR buy another new property in a neighborhood priced at $425k but won’t cash flow, because the interest rates and rental potential risk  don’t lend itself to cash flow, I’ll be even at best.  This more expensive property has comps that sold for over 500k, so I’m thinking forced appreciation as a possible way to buy and refi in a year to 18 months. 

What would you recommend ? - rinse or repeat the townhome deal or buy the more expensive deal with forced appreciation?

Just to be clear.. my strategy is buy brand new homes only that are cash flowing asap and hold them for a 5 year period atleast. 

Thanks in advance