If you like the neighborhood, chances are other people will want to live there as well.

@Shafi Noss Improving the land would be the simplest since there's already a driveway, electricity, and an old water well that needs to be jetted again.

He's a CPA/CFP and is well versed in this area.

I'm curious as well!

The problem with Multi Family is that unless you or your partner have $10M or so of net worth and $1M in cash laying around as well as prior experience with commercial real estate, you can't get the loan. 

The Heights/Montrose appreciate as well, they are just much more inflated prices currently.

Dear Fellow Investors,I hope this message finds you well.

One thing to think about is when doing heloc on primary if you want to refinance you need to get their signoff as well as your primary loan which could cause complications.  

For instance, properties with an accessory dwelling unit (ADU) on the lot that can be implemented as a long-term or short-term rental can perform exceptionally well.

Alabama - super low property tax but the rents are lower as well but all in all a good cash flow state.