What is required to obtain real estate investing independence is the following1 - TRUE education in real estate (1) principles, (2) law, (3) finance.

✅= You're probably fineWhat Gets You in Trouble:Can't explain structureHidden arrangementsToo good to be true tax benefitsPartner disputesBottom Line:IRS cares about substance over form.

However, not one general location is going to help you determine whether it's a good market for multi family or single family etc.The one true way to start looking into a market is talking to an agent who knows the area.

I am wondering if you are making some assumptions that just aren't true. 

Even if you only averaged 2.8% appreciation annually, which if you've had it 20 years I have no clue how that's true given prices have well more than doubled in that time, youre skipping over the fact that you have been benefiting from that appreciation on the ENTIRE house, not just the % you paid for.  

Demographics tell the true story.

These are going to show you the true performance. 

@Jason Sung, common sense says that yes it is true.

Too many people try something for a short time and are looking for the magic bullet strategy but the true winners in real estate are those that do one thing a bunch of times over a long time periodHope that helps!

I use True Books for my real estate tax planning and execution.