I think it is fair to say that there is somewhat of a tradeoff between markets that provide positive cash flow on day one and relatively high appreciation-based markets.

My excess cash flow per year is around $300k in cash, meaning theoretically I could do 6 deals, but in order to make that salary (HHI $722k) I need someone with the time to do the repairs and manage the tenants.

Talk about CASH FLOW!!  

I have some brand new homes in Phoenix that cash flow with 25% down.

Even if the rental has a decent cash flow with additional flood insurance, we're still not sure we want to take on that risk as we are out-of-state investors (planning to move back to KY in the future, but not now) and we don't like that it will potentially bring down the perceived value when we try to sell it in the future.The seller has never lived there and has not provided any information on if it has flooded before or not. 

Considerations.1.  

Each one offers its own set of opportunities for appreciation and cash flow.

In the six years I've owned, operated and sold vacation rentals on the Oregon Coast the investment landscape has evolved considerably. 

I'm struggling because the first 3 homes I bought were homerun off market deals 3-4 years ago w/ great cash flow and appreciation. 

It will be very difficult to cash flow in Austin using traditional LTR methods unless you put down a huge down payment.