The icing on the cake would be how much it cash flows. 

Luckily our tenants are of high quality but markets with better cash flow are now on our radar and we will take the icing (Appreciation) when it is served up but only as a luxury.  

If you are house hacking and turning a profit, that is just icing on the cake in my opinion, especially with where prices currently are. 

The key is to formulate a business plan that IS NOT dependent on refinancing and if a successful refinance does present itself with attractive rates, you can capitalize on this and consider it "icing on the cake".Again this is just my two cents.

It'll be the location for all UGA hockey games (instead of inside the Classic Center like previously) as well as bigger music, stand-up comedy, arena sized acts that dont suit the GA Theater or Classic Center. 

The extra revenue from the Airbnb room is icing on the cake.

We warn people if the weather is going to be that bad (snow/ice).

=======Renter seems "inexperianced" in life.Nothing out of the ordinary for someone inexperienced in life.And not everyone is comfortable with electricity--even throwing breakers--but a $400 bill for a breaker flip might make them want to try to get comfortable (PM's handyman's time + PM's time charge for handling it).Coach the renter on how to be a good renter and Collect the rent.Stove knob broken, door lock not working on bathroom, leaking fixtures, ants (or other crawlies) inside the unit, wonky thermostat, warm fridge, ice maker broken, garbage disposal not turning, etc.. expect calls for these things--and provide good customer service for the renters money.Good Luck!

Flooding, tornadoes, earthquakes, snow and ice storms, wildfires etc, - disasters happen all over the country.  

I am happy to explain my view on it, but in a nutshell:If you have $100K to invest (just as an example) and you get 1x $500K property (20% down payment) in CA you have to get $850 cash flow after all expenses to be around 10% return on your investment.If you take your $100K and buy 5 properties at $100K each (20% down) and each of them only gets you $200/month after all expenses, you make more return on your investment, and the icing on the cake is that you spread the risk of having your property empty/vacant across 5 options.