Appreciation question to experienced investors

[Andreas W.]

In this forum the question to invest for cash flow or appreciation or a combination thereof is discussed regularly with a healthy dose of exchanges of opinions and personal experiences. I understand that the differences are often regional and that the cash flow definition is pretty straight forward. In general, mid-western markets are called cash flow investment markets with flat appreciation while the west coast offers great appreciation. When experienced investors talk about flat or no appreciation, does that mean appreciation in lock step with the inflation rate or outright zero appreciation in absolute terms? What costs 80 k today will cost 80 k in 20 years. It makes a difference for the ROI.