I am definitely taking all this into consideration. 

As such, I'd let the "2 years in the last 5 years" rule lapse given the low interest rate I got on the first and how well it is cash flowing.

I've often heard BP use the terms "Cash Flow markets" and "Appreciation markets", and they are generally referring to low-priced markets as "Cash Flow" and high-priced markets as "Appreciation". 

Are you looking for immediate cash flow through rental income, or are you more interested in long-term capital appreciation?

I come across both fix & flip projects, as well as stabilized cash flowing rental units, primarily small multi-family with some SFHs as well.

Are you thinking that you will live exclusively off the cash flow of your rental?

Also, keep in mind that as time goes on, unless there is a major catastrophic financial crisis, rents go up, your equity increases over time and the loan gets paid down, and your cash flow becomes higher. 

Check out Zillow hottest housing market of 2024: https://www.axios.com/2024/01/10/zillow-ranking-hottest-real...The Columbus market provided great appreciation while the Cleveland market provided great cash flow.

For example, just using Seattle as an example - well, if you can't evict anyone until they've killed your cash flow and destroyed your property, then you will either end up with less rental properties overall as landlords sell, or higher rents overall to absorb the losses elsewhere.

But to pick your brain a bit further why did you say long term rental will not generate cash flow ?