Help deciding between cash flow or apperception on two deals I am considering

[Chris Locke]

I am in a bit of a quandary. I am looking to expand my portfolio and wondering what my next steps should be. I have two options and hoping to get others perspectives. It basically comes down to cash flow vs appreciation. I know what David Greene would say. 

Option 1. 
Purchase home in my hometown of Aurora, CO for $320,000. Rehab is $30,000-45,000. ARV $450,000. Rent is around $2500-2600
Plan. Purchase using HELOC money for down payment of approx $64k. Closing cost and rehab. ARV should allow to do cash out refi to get my down and most of rehab cost back. Pay back HELOC.
Cash flow would be minimal here, but appreciation and equity would be greater. It is also very close to my primary making it easy to oversee and manage.

Option 2.
Purchase 4-5 homes in Jackson, MS. Most homes are around $100,000k and rent is around $800-1100. Rehab cost would be minimal, $5000-10,000 per home. 
Plan. Purchase using HELOC money for down payments of approx $20,000 per unit. Closing cost and rehabs.
Cash flow would be great, around $500-700 per unit but appreciation would be terrible. Most of these have not appreciated even $20,000 over last 4 years. Therefore I cannot cash out refi to get my down payments back. So HELOC loan would be paid back over course of 2-3 years using the cash flow. HELOC has locked in rate of 6.5% for next 12 months. Then it goes to prime -0.5%. These are not near where I live so I would need to also get PM in place.

I have full time W2 job. I have a primary resident with tons of equity even after taking out HELOC. I have another rental in Tampa (STR) and I also have a nest egg for emergency funds. The long term goal is to retire and live off of real estate. Cash flowing would speed that up, but not gaining any equity slows down the long term wealth.