Investing without cashflow - Austin MTR

[Gil Segev]

After several less-than-stellar experiences with OOS investing, I've decided to try to invest close to home in Austin. LTR cashflow in today's market and interest rates is extremely difficult so I am looking at MTR which my conservative numbers show will roughly break even. We say we're not supposed to time the market but I do believe the Austin market will appreciate in the coming years due to recent price drops, reductions in interest rates and influx of tech jobs.
Am I just rationalizing a bad investment strategy here? Is banking on appreciation, refi (if and when rates drop) or potential rent increases wrong?

PP: ~420k, furnishing: 15k, no rehab, projected MTR rent: ~3.5k

[Robin Simon]

I don't think its bad - the correction has hurt some values here in Austin last year, but I have no doubt we will see a roaring back of appreciation soon - I think still smart to invest here