Cap Rate is low, and a big maintenance task would put this in the negatives quickly, but I'm hoping since it's a recent flip that those will be minimized, but you never truly know that for sure. in my mind based on the financing U propose as long as it does not bleed u your bound to do well on it over the years with rising rents and subsequent value rise when rents go up..

Just tell them no one makes you bleed your own blood.

You can say that's not cash flow, but I get one call every few months, spend an hour or two solving the problem, and move on with my day.When you say that you "have no interest in gambling on continued appreciation or rents increasing at the rates they have the last few years" that's smart - you shouldn't buy a property that bleeds cash on a monthly basis.

Therefore, I will not be paying off my notes early.However, suppose that my portfolio swells to $2-5M in 5-10 years.

Just my two cents. 2% yr rent increase when inflation is pacing ~4%+, and is realized in a compounding affect of inflation plus increasing operational costs, for example tax's, 2% annual rent increase sure sounds like the slow-bleed strategy to me. 

I'm looking at 7-8% rates to buy one or two more rentals as replacements...and they will bleed money even when rented out.So hold or sell?

It is sandwiched between South Akron and Middlebury, but it is closer to the University than Goodyear Heights, however I don't know if the surrounding area issues bleed into the neighborhood.

haha The East End is ground zero of gentrification here and I believe it will continue to bleed outward from the universities/Strip District/Bakery Square where there are quite a few high paying jobs in the tech/healthcare fields.

I know they are not the best investment, but they do give me the flexibility to visit on occasion.  Are there any to absolutely stay away from, or ones that are generally better investments?  I know financing is an is...

It's not fun to bleed cashflow for a decade with a-paper self-employed tenants who cannot qualify for a mortgage because they, like many higher income people, cheat on their taxes, nor is it fun to dodge bullets while posting eviction notices.