Essentially are you cash flow positive or negative each month?

Are you cash flowing the property?

Now, this would obviously be negatively cash flowing since you would need to pay taxes and insurance.

Do the math and see if an ADU is worth the cost and effort.https://www.biggerpockets.com/blog/rental-property-cash-flow... 

If you care just about positive cash flow (and you don't care about population growth, macroeconomics, or appreciation), definitely go with Cleveland.

Properties like the Michigan complex offer a unique entry point, combining cash flow and significant upside potential.Immediate Cash FlowThis particular property is projected to deliver 6% annual cash flow from day one, already exceeding the yield of Treasuries.Value-Add RenovationsThe property includes hundreds of units that can be upgraded to Class A finishes, justifying rent increases.

That creates a really nice price / rent ratio which is favorable for investors looking for cash flow.

IMO it’s hard for me to sell a great cash flowing asset.

I came to the conclusion that a cash out refi was the way to go even though it won't cash flow great afterwards (it'll still be positive about $200/month).

the cash flow you are referring to, are you attributing that to the $900 difference between the PITI and the gross rents?