There is little doubt that Merced will have superior cash flow vs San Diego in the near term.  

I can pull a HELOC on my investment property in KY, pay outright with cash or finance through the installation company.

Total PITI : $2,800 p/m ADU: Rents : $1900 p/m Home : would rent for $3k per month Potential Gross cash flow: $2,100 per month Purchase: $500k Current ARV: $900k Can these numbers be achieved today with high interest rates and high prices ? 

Purchase price: $200,000 Cash invested: $34,000 Sale price: $325,000 Contributors: Peter Vekselman Partner Driven, in collaboration with Seth Choate, successfully completed a fix-and-flip on Linda Street, Delhi, CA 95315.

Whether you are investing for Cash flow, appreciation, looking for value add, or just tax benefits.I first build out my buy box, which the more narrow it is, the better (multi family, 3 units, in XYZ zip code, at this price point per sqft, build after XYZ year......). 

I’m not familiar with the area but after doing my research, it’s looking like it’d be a great area to invest in for cash flow.

All cash or with financing?

Fairly speaking, the price, location, other metrics look amazing, even the potential cash flow per month.

Purchase price: $165,000 Cash invested: $54,000 Sale price: $323,000 Contributors: Peter Vekselman Partner Driven, in collaboration with Seth Choate, successfully completed a fix-and-flip on Stanislaus Ave, Angels Camp, CA 95222.

I would suggest exploring a cash out fixed rate HELOC or fixed second.