its funny how this changes with time and the market on BP  if you asked this question 5 to 7 years ago you get drowned out with the cash flow is the ONLY thing and appreciation is for gamblers my self I have always been about making appreciation games in RE.. by either value add building a new product or buying foreclosure and flipping or lending money and getting instant 12% plus returns . 

We've had clients over the years who love Bronzeville & Hyde Park and have purchased large buildings with condo quality finishes or updated the buildings & are cash flowing while living in the building.

Thanks for all the advice, I'll definitely have to research more as I go about how to build out my portfolio and whether I want to pay down the existing loans or buy more.

Las Cruces is a small college town (home of the New Mexico State University Aggies) with healthy population of federal government workers and military contractors.

If you focus on a fixer upper you can renovate in 6 months and refinance on the ARV.You only need to be at a 85% LTV to refinance and its not hard to build 15% equity in a property in this market enviroment. 

My goal is to learn as much as I can, connect with experienced investors, and start building my portfolio.I believe wholesaling offers a great opportunity to get my foot in the door without the large upfront capital required for traditional investments.

If it was me...I'd check with zoning to find out how many dwelling units I could build, and I'd find what the requirements are for those units (type of house, height and setback restrictions, etc.).Then I'd find out what local builders think the cost to construct would be - just get a cost estimate per square foot for 2 or 3 different levels of finish.

Nobody ever regretted buying a good property, but you find hundreds of stories where people deeply regret buying a cheaper property.Maybe focus more on how to make more money, build a side biz, and let the real estate do what it does get better over time.

Quote from @Dina Schmid: You can sell anything you want, but that doesn't mean it will qualify for a home loan or be accepted by a building inspector. 

I'm fairly handy and have good contractor connections.