I personally focus more on appreciation, but if I wanted more cash flow I would definitely go to a fringe area and buy a new build rather than going to an older area and buying a cheaper property.

For example, in the New York area, especially in some hyped-up fringe neighborhoods (like certain areas of the Bronx, Queens, or Staten Island), finding a "bargain" seems easy.

Long Beach is so fringe oriented and prices are so high that it is pricing out the low income people out.

Don't forget to add fringe benefits such as health insurance and also payroll taxes, etc. 

And you'll likely want to consider more fringe & cheaper areas for lower prices & better cash flow.I bought a 3-unit building in November last year when rates were 8% using a renovation loan (5% down), made cosmetic renovations to the units, and then we got way stronger rents than expected.

Let someone else buy the fringe areas and improve them first.To be direct, I can't imagine an appraiser using 5-year-old comps.

Btw every bank I’ve worked with has already recognized my bitcoin in my net worth for loans so it’s not as fringe as you might think for banks

Where we don't disagree is that inner city ghetto properties don't change quickly if at all; however, I'd argue there are some fringe areas that can experience some positive change.  

Sparing the fringe cases, most of these properties are literally over 100 years old and setting aside the 10% i mentioned above for repairs has worked well for clients.If you are dealing with a property that is 40 years old, that's pretty much a new build in my book haha.

There is much less new supply of single family homes, so the rental rates are flat to up a little; this does depend on the neighborhood though, in some of the fringe areas where there is a lot of new single family home construction the rents are a little softer.