I've got one townhome producing cash flow monthly and enough equity to refinance but the rates are REALLY high compared the the 4% I currently have.I've just finished Rich Dad Poor Dad and reading BRRRR by David Greene 

Every year, I produce the BiggerPockets  Real Estate Investment Market Index, a study in which I go through thousands of counties across the country and collect data on their rental rates, and home prices.

@casey (seems using mobile doesn't produce our name drop down box...)  

Right now, with my debt at less than 5% interest, I confidently believe that yes, I can redeploy my cash so as to produce returns far greater than 5%.

Job loss   ( unemployment is only 5% ) and if Trump gets his way it will go lower4. burnt out landlord syndrome  ( land lords are somewhat smarter these days IE not buying in the hoods like they were )  although some of this still goes on and always will.So Tim were do you predict the next inventory produced by a shake out will come from. ?

When that time comes, I really do not know as "older" is subject to change.Large appreciation would be great if I lived in a market where I could buy, hold and sell it 5 to 7 years for a big payoff, but I don't, so I invest in Memphis and Little Rock.

Baltimore's a good lending market and with solid credit and assuming the property has good rental income and nothing too crazy, you should have some options here.Or perhaps I'm assuming too much in that you're seeking long-term financing - is this property already stabilized/leased and producing income?

That could easily produce $1K net monthly cashflow for you plus the other benefits of real estate: appreciation, loan paydown (by tenant), tax benefits (paper losses), and inflation profiting (inflation erodes the debt).

Are there any good income producing areas for rental properties in California?

Did you buy that property with the intent to one day leverage it as a buy & hold income producing asset?