-------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Typical PE investor double speak. 

I was thinking that if Memphis (and the sort) have cash flow but no appreciation...

You won't be able to use conventional financing and must use a non-recourse loan which typically require 40% down.

How much upfront costs are typically involved in a project before you know if it's a viable project to pursue? 

Issues 1) even garage conversion ADUs in single family zoned areas typically cost more to build than the value that they add.  

I know Shopify typically is a more commerce base platform.

So, a house that would typically cost $100 per sq. ft. to build 5 years ago, is now costing $200 per sq. ft. 

That sort of difference in expense with turnover/vacancy means that the approach to tenant retention means something different to the business.

@Thomas FarrellRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?