Overall, there are still some great opportunities. 

Currently I have one rental in Cary, and intend on acquiring more, probably mostly through the BRRRR method.

It seems like Amazon is the new Cal gold rush, and there's still lots of opportunity. :) 

So I think there is a good opportunity of you are willing to deal with some cosmetic upgrades like painting and flooring and later tackle kitchen upgrades.

There are always more opportunities. 

I'm surprised nobody has expressed concern over the source of down payment.Apart from the concerns regarding building enough value to cash out refinance, the OP intends to use the cash to repay his parents, for the "gift" they gave him for the down payment.If the gift is truly that, it shouldn't need to be repaid.

Should we still consider that real estate as an investment opportunity?

Hey BP!! Has anyone signed up for Ambit Energy that can tell me about your honest experience? Sounds SO INTERESTING. It's a direct marketing company deregulating gas. Any feedback would be greatly appreciate!!-Michelle

On a flip there is no long term appreciation opportunity. 

Hi Jack,Very interested to hear if you followed through with this opportunity as I'm in the mix for a similar opportunity.