Forced equity vs Cash flow vs Appreciation

[Ryan Johnson]

On the hunt for my first deal and what I am finding a lot is that ones that cash flow best seem to have the least chances of strong appreciation and the ability to force equity by rehabbing. 

For example a single family in Katy, TX with a potential forced equity of 40-50K after minor rehab but a negative $200-300 cash flow as a rental due to local rental rates and high Katy property taxes. Sounds more like a flip?

vs 

A great $500/mo cash flow on a quad in a smaller town in Louisiana where I am from but likely very low appreciation and not much value added room to force equity. 

 I follow some great investor diaries on here where people are forcing 100's of thousands of equity a year but maybe only generating $1000-1500 per month cash flow. 

Is it best to balance these strategies of forcing equity vs cash flow while building a portfolio?