My best performing investment is a 4 unit in a moderate area. 

Sure new skills don't generally pay well until your a moderate to expert level.  

However, what are some good cities that balance reasonable cash flow, maybe moderate appreciation potential, and have relatively stable tenants? 

@Tyler Bradfield I am looking for moderate value add situations.

On maiantenance, I pay $27/hr for use of the PM maintenance staff for turns, routine work orders, and low-to-moderate skilled labor (paint, drywall, ceramic/laminate install, installing doors and kitchen cabs, light plumbing, light carpentry, etc.).

Also, age of housing stock and level of rehab performed will drive amount and variability of maintenance expense, and thus figure into operating risk.So, it would seem that you would want to minimize or avoid leverage on the lower end, and use it moderately on the mid to upper end of the rental spectrum.

If you contact MC tell him you think John Jackson is a genius and moderately attractive....just to make him roll his eyes..

Shorter terms have moderately cheaper money where the lender can reduce their points because they can turn the money over quickerSo that last little tranche of debt is quite costly.

Even assuming the property appreciates moderately and the home is paid-off in 30 years, this beats the market?

An example is a lender pulls a report that says the property is in a high-risk flood zone and will require the purchase of flood insurance to give the buyer a loan if they are working with a flood insurance nerd and when he pulls the report it is in a low to moderate flood zone (usually an X but can be a B, C, or shaded X).