One last year had oil paint 3 layers thick- but just the border between a huge area rug and the walls. 

You can start with less, but the lower you go the more you're gambling with your investment.

But I'm planning to diversify the portfolio towards $flow+ in the near future, since appreciation is just another type of gamble (calculated risk, but still).

It’s a gamble, have a back up plan.

When I book hundreds of rooms at a shot, they tend to give me the best pricing, since DUH, it's vegas, they aren't making their money off the rooms, but off the gambling, the liquor, etc. and Im putting several hundred corporate people in their property who are all going to spend money.  

I don't think there's enough potential up-side to take that kind of gamble.

The attraction to point breeze is only going to improve in my opinion with OCF Realty's plans to build 40+ townhouses, 20+ apartments, retail store frontage and Dock st brewery setting up camp on Washington ave on the border of  Graduate Hospital and Point breeze. 

In my childhood I remember Whiskey Gulch, just over the border.

@Howard L WeinstockAs you alluded to yourself, all this is a gamble on the future of SS system and on your own longevity.

It's a gamble in some ways, as I don't know if I'd be able to build what I want due to zoning.prop #2- crappy neighborhood. 1/4 acre, BUT-has a single family house, small garage, plus warehouse space that's ~2500 sq ft. zoned C. cheap. house is also a total rehab. closer to "move in ready", but honestly, the crime in the neighborhood is to the level that I don't think I'd bring my kid there now.