I think Birmingham is a great place to invest for cash flow if you can wait longer on the appreciation.

No investor cash paybackNext build I will infuse about 50K cash working on construction loan.  

-you likely won't cash flow at all when you refinance, and you might even be negative. 

It is in a great area and cash flows well, for now. 

Yes, this totally makes sense, but I'd like an Excel modeler that has this available to play with.

The rents are good in this area, and it should cash flow well.

This starts with establishing your Why and deciding which side of the cash flow quadrant you want to be one, the left side as a employee or self employed individual still in the rat race, or the right side as an investor and business owner with systemic passive cash flow.

Not many people will have the risk tolerance to bring the cash into a deal with someone they don't know.

Is this just short-term fear and mindset or should I sell and look to deploy my cash elsewhere?

Purchase price: $49,000 Cash invested: $3,000 We purchased 5 acres with no deed restrictions or HOA and continue to build out rentals/lots on the property.