Appreciation or Cash Flow? What do you value more?

[Sabi Const]

Thank you all for taking the time to read this post. 

I am new to real estate and am starting to search for deals. I am in the NYC area and am curious what you might suggest...

Option 1 - purchase a 2-3 family rental property (Queens, Brooklyn, Long Island) - the rent should cover the mortgage PITI (principal, interest, taxes and insurance) -- also possibly account for a management company ---- for example: $650,000 2 family with rents of approx $3600-4000/month.

Option 2 - purchase single family homes in cheaper areas such as in FL or AZ for example for $100-120k and rent them out for approx $800-1100/month

I was speaking to a real estate professional who's been in the business for decades and was strongly advised to go with option 2. 

I have used the valuation calculator but would be curious to hear what you all think... Go for cash flow or potential appreciation of real estate in potentially more desirable areas?

Also, from a financing standpoint, all the lenders I have spoken to want 25-30% down payment. Is there another option? I would prefer to not seek outside investors.

Please feel free to offer any other options that might be better to consider. 

Thanks again!