Cash Flow vs Appreciation which number matters most ?

[Cierra Seay]

I was listening to a recent BP podcast and they brought up the topic of Cash Flow and appreciation for buy and hold properties. I'm curious to know what factor is most important for some investors when they are looking to buy and hold ? I'm pretty sure the answers  will vary based on the different markets you invest in but I'm curious to hear what you all think. 

[Chris K.]

Here is a discussion about that very subject from about a week ago.

https://www.biggerpockets.com/forums/48/topics/151976-bp-poll-are-you-in-it-for-the-cash-flow-appreciation-or-both

I'm definitely in it for cashflow and see appreciation as a bonus.