My thought is my gf and I are both paying separate mortgages at the moment (combined nearly $7,000 between both of our mortgages), so even if my SFH rental isn't a net positive cashflow we'll still be bettering our financial position due to the rental income it can/will produce.  

Investing in real estate is a great way to generate passive income and wealth if you are in a position to do so.

If you care just about positive cash flow (and you don't care about population growth, macroeconomics, or appreciation), definitely go with Cleveland.

Additionally, you can still find properties for 120-180k that will positive cash flow and hit the 1% rule.

That is just a flat out lie, no lender would have any issue with a GP contributing more capital to a property.4) Stop highlighting positive financial leverage on your new investment opportunities when all you’re doing is paying massive fees upfront to buy down the rate.

@Nam-June JoeYou're in a strong position with excellent credit and a clear plan for purchasing a 3–5 unit multifamily property near Emory University.

I would WANT to borrow as much as the property would support, to better position myself for my next deal - I am working toward a $3 million portfolio. 

I don't know what long term estimates for price growth are here now (or how I would estimate it accurately).Would it be less risky to just invest out of state in other markets where I can get neutral or slightly positive cashflow?

The $34k cash to close is probably a mix of loan costs, prepaids, and the remaining needed to buyout the hard money position. 

Many local investors and developers rushed to acquire land and position themselves for a boom.