Which is Better Cash on Cash or Appreciation?

[Bob Asad]

If you have $100k to invest and put as a down payment, would you get 1-2 places that have a Cash on Cash (COC) of $500+ a month but no appreciation, or 1 place with a 5-8% appreciation each year but you break even or lose $200-300 per month on the mortgage by renting out? (because you put 20% or 15% down instead of 25%)