Also, it really only comes into play if/when the bank completely takes the house back over.

While benefiting from a great location and solid bones, and a good rental history, there is no denying that the dearth of inventory and the general frothiness of the real estate market must have played a role. 

Yes, cash flow play only is my mentality.

Multi unit investing is a cash flow play where as SFH investing is primarily an appreciation investment.

I infuriated my mother on a cruise ship once because she gave me a few hundred bucks to spend at the casino...I played two rounds of three-card, won, and walked away!

Both of them are offered as value-add plays based on a light reno which is supposed to result in rent increases of $115 to $150 per unit.I have my own thoughts on where I want to be in terms of property quality but I wanted to see if any investors local to the area or knowledgeable about the area could offer any opinion on what class these two neighborhoods/areas are and which of them would be more resilient in an economic downturn.

Your financing will also play a role.

One person asked us if we had club seats when we invited them to a football game the other day (we don't) and a few weeks ago during a play date a friend asked us how much money we make (ridiculous). 

There are consumer protection laws in place which says they do have to release this information to a Trustee or the heirs, but they will play dumb so they can rack up the late charges prior to giving you the payoff amounts.

I think the best advice is to find something you are comfortable with today and if it appreciates over time you have a nice added bonus.