I would only consider Decatur for a cash flow play, not an appreciation play.  

I understand that starting condition and location will play a factor here, but just wondering what your experience has been.

Also wonder how appreciation plays out in that area as well.

PG's are worthless those that have PGs that are worth anything dont need gap funding they have the cash.this is a play for folks you know well .. not for internet facebook BP etc.. people that do this do it because they know you like you trust you and think your a good operator.Public has to many other choices that are much safer bet.. its not always about ROI with those with money..

I give it ten or so years before we start seeing this play out. 

If it's a long-term play, the potential savings on PMI with a conventional loan could be significant.Have you compared rates for both options?

Redeveloping into mixed use live/work/play projects has been the most common proposed solution the past few years in my area. 

And right now the bigger cabins are not a good cash flow play but might be a great equity play when you look back in two to three years.  

If you ever want to chat more about this... or if you're curious how these strategies play out in markets like Austin or Scottsdale... feel free to reach out.

Keep track of those costs this year, they come into play in 2025 when it's in service.