Condo investing in metropolitan cities

[Hank Sajak]

Hello 

I would like to get seasoned investors’ input and feedback regarding real estate rental investing.

I own 6 condos ( costing 500k-1 mil to buy) in downtown Toronto and I have been enjoying this class of investment.  I have been managing them myself. I find the cap rate around 3% and appreciation around 9-10% a year in the Toronto market. Finding tenants has not been an issue as vacancy rate is around 1% in the city. 

I would like to buy more condos and hopefully own at least 10 plus as a second source of income I can retire on one day. 

Now, everyone I speak to keeps telling me I should buy detached homes or apartment building instead as they are a far superior investment. I agree they appreciate more but when I do the math and factor in stress of managing or needing to to hire managing company. 

So my question to any investor that has owned condos in major cities like NYC , LÁ , SAN Fran etc over the long  , Have they been good investments ?   or am I short sighted 

any  input  helps