Cash Flow vs. Appreciation???

[Rich Davis]

It seems that when listening to Bigger Pockets podcasts, I hear the same logic, both from the hosts and the guests (mostly), that as a midsize (5-20) multi unit investor, Cash flow plays a secondary role to appreciation.  That appreciation upon exit is where the real money gets made, and that cash flow is simply a little gravy along along the way.  

I'm calling BS.  I do the exact opposite.

My strategy is to find optimal cash flow investments, and any appreciation at exit is the gravy.  So far so good. I've got 32 Class B doors in Class C markets and and cash flow $6K/door/year. 

When you stop worrying about appreciation, you'll wander into markets that you might have avoided. Even today, I'm finding properties in a Class C town, with 15%-17% CAP rates. In this particular market, the properties won't appreciate much over the next 5 years, maybe 10%-15%, but with that kind of cash flow, I'm good.

THOUGHTS?