Not a design thing, but I think your vertical costs will eclipse $375k when you're done.  5.

Downtown Austin is actually on the southern end of our built-out metro.Some experts have told me that The Domain area could eventually eclipse downtown Austin in size, weight and height.

so, you can see how in a year with decent appreciation, the appreciation can very quickly eclipse the cashflow...Because cashflow is similar to "defense" and appreciation is similar to "offense", different investors will prioritize them differently depending on their position....for example, for a beginner with a relatively low net worth, an unexpected capex of $25k could be devastating if they don't have sufficient cashflow--so for them, a property that cashflows $100/mo vs. $900/mo could be the difference between survival and bankruptcy (they need the cashflow to cover that capex NOW; they can't wait several years for the property to appreciate, so adequate cashflow is critical) ...but a more experienced investor with a net worth of $10 mil can easily survive that unexpected capex of $25k, and to them, whether the property cashflows $100 or $900/mo might be trivial if the property is appreciating well..Of course, appreciation isn't guaranteed, and real estate can (and does) depreciate in some markets... also, in today's market, it would be very difficult to get a typical single family (or even some small multifams) to cashflow at $1k/mo as an LTR....and then there's the important matter of taxation...all of these are additional factors you'll want to educate yourself on...There are a LOT of moving pieces to consider in REI.Good luck out there!

Log into Eclipse to get you BIRT (Income tax) and your rental licenses.

Make sure you've linked the permit application to your eClipse profile so you can monitor the progress and have direct access. 

My wife was the one who told me one morning I didn't need to go to work anymore based on the fact our passive income more than eclipsed my 6 figure AFTER TAX W-2 (plus expense account).

Bill Gulley  one has to Join the board of Realtors if they want MLS access... its a RICO act violation but we don't need to go there.at my pace of contributions my post numbers will eclipse yours..:)  But as I stated above after a year now..

You are right about HML, it may not make sense to buy and hold due to the monthly payment eclipsing the cash flow of the property.  

@Pyrrha Rivers , @Flavio Zanetti @Sundeep Amin @Andrew Davis Working to make 2015 eclipse these numbers.  

Then I drove to STL for the eclipse and it was quite helpful again!