And even if there is a 5% decrease (or worse), that still wouldn't phase me, because price appreciation isn't a big factor in my strategy -- cash flow is.

Then it's a matter of projecting how much you can decrease expenses and increase revenue.

Also, some lenders offer construction funds wrapped into the loan, which greatly helps your overall returns by decreasing your out of pocket capital.

I wrote an article about this a while back you might find helpful: https://www.biggerpockets.com/...It references an old study from the 90s, but I think it's still more or less true and a good starting point for this discussion: In 2003, the National Association of Realtors came out with a study on the characteristics that increase and decrease the price of new housing (assuming all other characteristics, i.e. square footage, remain the same).

Turns out that the supplements for muscle growth interact with the supplements recommended by your doctor.

Missoula decreased to 4 people moving here for every one person that left, but that's still crazy high.

If your home value began to decrease after you refinanced (to buy more properties) couldn’t you be upside down on your investment, owing more than it is worth? 

Maybe allow for a slight decrease for the top floor, just to ensure you're running conservative numbers.

Why does rent tend to stay flat, thereby decreasing cash flow/yield?

You could also narrow your filter to properties that are elevated, or have FEMA approved mitigation measures (flood vents; filled-in basements, etc), which can all decrease premiums w some private carriers, it seems.