Appreciation kind of lags compared to other places further east in northern Alabama.

However, the rental value this area is very low compared to the Home values and mortgage rate.

Are there any specific areas that are reasonably priced compared to the cities? 

Over time, I’ve accumulated more cash reserves and don’t need as much flexibility, but I’m actually in the middle of a refinance right now using an interest-only mortgage—because the pricing with the lender and the corresponding ARM is more favorable than a comparable principal-and-interest loan.The key with these alternative or "exotic" mortgage types is that you need to be financially savvy and have a solid plan.

Isn't capital gains tax rate lower than income tax rate for comparing basic CD income vs continued property (hypothetical appreciation?

You can also look into building a rental portfolio which is a little less hands off compared to flipping.

I have found that the "value add" opportunities, with rent increases, renovations, zoning conversions, and other work needed, absolutely do take up more of your time compared to a more turnkey property - even with third party management overseeing the process. 

We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processesWe recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

Out of my 32 properties, I’ve seen insurance rates drop by up to 40% on renewals, and property tax increases are finally slowing down compared to the crazy jumps we saw over the last five years.

Its pretty much a necessity as the loans are so large on average compared to other areas of the country..