Should I purchase a single family personal residence with appreciation potential?

[Omar Hassan]

I wanted to gauge if my thought process is logical or illogical in this scenario. I am 24 and currently own 2 homes, one is a single family that was changed to two units and cash flows $150 a month. The second is a half duplex I live in now that would cashflow almost $1000 a month if I moved out. The fact that it can cash flow so much makes me want to buy another primary and offset it with the cashflow. 

I found a home that is a gorgeous layout in what I believe to be one of DFWs next booming cities. This city has homes being built by premier home builders starting in the high 300s with the average being closer to 400-450k and the home I'm looking at is a starter home listed for 270,000. The mortgage payment would be about 2400-2500 a month. I currently make 85,000 and with the cash flow I would receive from the other property its about 97,000 before principle paydown on the properties. I've house hacked up until this duplex so I have always had such low cost of living. I'm now thinking of commiting to a mortgage betting on appreciation. Is this dumb? should I stay where I'm at and only buy a cash flowing asset? 

The rent the place would bring would be about 2,000-2,100 and my mortgage would be 2,400. I would realistically live here for 2-5 Years. 

How would you asses this risk? Any info helps thank you