It's clear one can't rely on initial cash flow alone and must project future cash flows; as others point out costs could grow faster than rents (e.g. rust belt towns with declining population).Where I'd be interested to hear your thinking is on reserves and the liquidity of the properties you buy.e.g. with hindsight you can always point to which of these two properties provided a greater total return over ownership:a) zero/low cash flow property (on day one) that pays down mortgage, but appreciates and cash flow builds as rents outpace costs (i.e. your Brooklyn example)b)  higher cash flow property (from day one), but lower appreciation and lower growth of cash flow as rents and costs grow with inflation only (e.g. a stable Midwest city perhaps)I would tend to agree that if you can get it "right" and can predict rent growth etc then property a) likely offers potentially higher returns.The difficulty I have is thinking about the risk embedded in making these predictions upfront coupled with the inherent illiquidity of property.

Both CH and DW should be crossed off your list without hesitation but if you absolutely had no other option I guess I'd say Deanwood, if you've got a kid make sure he/she's a black belt b4 letting them frolic at the Rec Center, unless you're cool with them coming home shoeless/coatless etc.If you like hearing rapid gunfire, smelling weed 24/7, stolen cars flying up and down the block 24/7 and a complete feeling of lawlessness then move on in (oh the occasional naked people on PCP running around make for an interesting sight too).

That's how I've always bought.So it depends on how you want to do it, and getting the right levels of education under your belt to understand the risks and know which way can get you to financial freedom.

You have to have at least 3 deals under your belt to get it though.If you're interesting in the hard money lenders, let me know.

I have a extra ticket for any investor who is interested or familiar with beltline. The tour is tomorrow Sept. 24th!  Inbox me for details if interested.

@George Blower taught me the benefits of opening a Solo 401K (which is awesome) and for utilization of Self-directed IRAs.I learned a lot from @Theo Hicks, but that was originally via his role with Joe Fairless's podcast - they are both experts on Multi-Family syndication and taught me a lot. 

Anything to get some capital under my belt would be a step closer to the ultimate goal. 

Worth for +12 years and have many rentals and flips within the city limits under my belt.

You might wait a while and instead of waiting, you could get your feet wet and have a few properties under your belt.

First, while others here may disagree, I'm a big believer that -- until you have a few deals under your belt, are comfortable with every aspect of the contracts and fully understand the REO process -- you should have an agent who represents YOUR interests, not the seller's interests.