Owning for cash flow, or easy resale value?

[Evan Stich]

So I've been wrestling with this topic in my head for a while and have decided to put the question to you guys.

Would you rather own a property that provides cash flow? Or would you rather see something with less cash flow, but easy to liquidate?

The reason that I am torn is because in Milwaukee, there are deals that can be found that provide desirable cash flow, but the location is not very desirable (i.e. I am assuming that they are difficult to sell). While property in very desirable locations seem to barely pay for themselves (why would I buy if there's no cash flow???)

I like the idea of buying and holding property to provide cash flow. Provided a property can be rented with minimal vacancy, I'm not opposed to owning in a less desirable location... is this reasonable? Should I forget about the old adage of location, location, location?

Somebody, please set me straight...