The voters rejected all but one proposition in the polls last week leaving the not so golden state an additional $6 billion in the whole.

However, if you have experience or may manage the properties yourself now or some point in the future, I would say the Minneapolis might make more sense.As for the appreciation, you mention that both to have decent appreciation, but I think this is a WAY more important consideration than the cash flow (since both propositions seem to have decent numbers).

However, I would purchase a property with a low cap rate as long as there’s a value add proposition.

As I said, NO, when looking at this as a rental it is a loosing proposition.

I think it's a good proposition.

Property taxes kill most deals when you get under 1%.Maybe if you're not aiming for cash flow it can make sense, but buying at worse than 1% is a really risky proposition to me.

It is important to note that the 180 calendar day exchange period includes the 45 day identification period.You then identify the property to be acquired within the 45 day ID period, the Qualified Intermediary will set-up a limited liability company (LLC) to be used to acquire and hold legal title to the property when you close on the purchase, and then you have the remainder of the 180 day exchange period to spend the rest of the 1031 Exchange funds that are being held by the Qualified Intermediary and to ensure that the improvements related to those expenditures are completed before the end of the 180 day exchange period.Improvements that have been paid for but not completed by the end of the 180 day exchange period are not considered to be real estate at the end of your exchange period and do not qualify as qualified use property.It is not an all or nothing proposition.

Cash flow $224 - it used to be higher but my property taxes go up with no limit (no Proposition 13 like in California). 

There are still good opportunities in old Tbilisi, especially if you focus on "experience"  based propositions to stay competitive on the guesthouse market.        

Even fewer are able to use those abilities to relate our own memories of our experiences to another person.The best an experienced investor can do, therefore, is to offer an "I make money when you make money" proposition.