Appreciation is likely to be lower than on developed land, as population/housing is what drives demand in RE.Appreciation itself is speculation, NOT investment. 

Getting caught up in how much other people are making in this business will drive you nuts.Always have in the back of your mind that in the end when all is set and done you will have a property that is completely rehabbed, rented out, and you will have minimal cash into it out of pocket once the refi is done.

Where the rubber really meets the road is juxtaposing the cash-on-cash returns of a property 2 hours away driving vs. 4 hours away flying. 

So you have the road, and then a home with a drive-way.

The property is in south Euless by Trinity Drive.

A friend is selling a 6 plex on Delta Drive up there, as well as a house on Douglas with an apartment.

I would buy them if my rentals were not in pretty safe areas.

I am trying to understand the safe harbors as it relates to expensing rather than depreciating items. 

More importantly, does it keep us safe - yes. 

If you have the drive and you have the deal, you'll find a way to do it.