Agree or Disagree? 20% down 3% app = 15% return

[Thomas Lorini]

Just read this statement: “...if I put 20% down, the property appreciates 3% per year and the mortgage is always getting paid down every month, that’s a 15% return on my money every year. NOT including cash flow. If that’s my ‘worst case scenario’ (which it never is), I can live with that return” Do you agree or disagree with this statement?