Balancing Cashflow and Appreciation

[Jeremy Schneider]

I have been investing in 2-4 unit properties for the last couple of years.  In general, cashflow and cash-on-cash returns are my primary drivers.  However, my purchases have been in areas with stronger than average appreciation.  Right now I am considering a 16-unit property in a smaller market that has only seen 17% growth in value over the last 11 years.  This property has great cashflow with some quick/easy value ads that should be able to push the cash on cash return up in the 25% range in the next 6-12 months while holding back 10% for vacancy, maintenance, and reserves.  While I can pull in money hand over fist, my concern is that a 90 year old building in such a small area might be hard to get rid of in the future.  

Having been fortunate to find cashflow and appreciation on my first 4 investments, I am curious how to best evaluate a likely one-sided opportunity here.  Thoughts/recommendations?