Cash Flow vs Appreciation in Miami?

[Ori Nahum]

Hi everyone,

I'm a newbie real estate investor here in Miami, Florida. One thing that I'm sure everyone has noticed is that property prices in Miami let alone secondary cities in southern Florida have skyrocketed. This is not only due to inflation of course, but a general trend because young professionals from cities like NYC, Boston, etc. are flocking to states such as Florida and Texas for both the weather, cost of living, and political climate.

This all means that the barrier to entry for real estate investing is quite high in a city like Miami, and the potential for cash flowing properties even lower. A single family home here, even in the most blighted neighborhoods goes for about $250K plus. My question to everyone is this: from your personal experience is it worth it to purchase a property, whether a more affordable option like a condo, home, etc. in order to rely on appreciation versus cash flow in a city like Miami? 

I know everyone's strategy is different, but from what I've seen many have a strategy or first purchasing a cash flowing duplex or single family home as a first investment which is less realistic here where the starting price for such an investment is relatively high. There are many condos in Miami where the cost is much lower to purchase, but those are harder to cash flow on because of the unpredictable HOA/maintenance fees so is appreciation generally reliable?