Should I invest in subdivisions within master planned communities

[Robert Allen Lin]

Most of my searching efforts were primarily focused within the loop in better neighborhoods. Problem is, most of these investments are negative cash flowing assets. Given the uncertainty in asset and debt markets, I'd like to err on the side of safety in good locations with above median income levels. 

If I look to areas that fulfill these criteria, such as Katy, Pearland, Spring, Humble, etc. I mostly find cookie cutter/deed restricted homes with HOAs. Downsides are the added costs, limited ability to force value through renovations, and lower appreciation due to mass production. On the flipside, these areas are experiencing population and income growth and are desirable places to live. Am I weighting cash flow too heavily when inflation may contribute more to appreciation?

Would love to hear thoughts regarding this specific asset class and how others may be viewing investments in today's market.