These are my consideration for spec home:Any similar spec home in the neighborhood.Any newer house in the neighborhood.What is the highest price per/sqft in the neighborhood.or ask local real estate agent. 

New carpet and assorted repairs. we are hoping to spend more time in Asia the next two years and i am not impressed w PM here due to high costs and low quality considerations.

There are no prepayment penalties on these, however you will have a considerably higher rate than going with a long term loan. 

Here’s how they impact my REI situation:Quick Evaluation: They provide a quick way to assess whether a property is worth further consideration.

Here are pockets I focus on for cash flow:West side - West boulevard, Cudell, Clark-Fulton, Jefferson, Bellaire-Puritas, Old BrooklynEast side - Fairfax, Buckeye-Shaker (the north side), Waterloo Arts District, Garfield Heights, Maple Heights, Newburgh Heights, Lee-Miles (the north side), BedfordHere are the areas that I focus on for appreciation:West side - Lakewood, Edgewater, Old Brooklyn, Ohio City, Tremont (above 490)East side - Buckeye-Shaker (the north side), Waterloo Arts District, Fairfax*I have a graded neighborhood map of these areas as well if you would like to check it out.

The state is very landlord friendly and Tulsa and Oklahoma City are towns where you can combine considerable cash flow and appreciation.

I'd suggest these for Cash flow / appreciation: Christian Park (C class)Bean Creek (C class) Garfield Park (B class) Irvington (B class) Emerson Heights / Bosart Brown / Little Flower (C+ class) Near Eastside (not so much Tuxedo Park - C+ class) Parts of the Near Westside near Hawthorne (C to C- class) Riverside (depends here...

After careful consideration, I decided to take the plunge and purchase it.

Also, do you give any different considerations for cats versus dogs?

This approach supports the "slow and steady" philosophy you mentioned, while still allowing for considerable progress and learning.