Its a big gamble, and one the note seller is obviously not willing to take to potentially earn a meager $5k more.

This is a gamble in regards to appreciation. 

on one of your post a reply came back that your comparing oranges to Iceberg lettuce and for sure you are when you compare vegas and Memphis.What caused the meltdown in Vegas and PhX  @David Faulkner  well I can tell youVegas relys on gambling and tourism in the crash any tourist city and gambling city got hurtand then for rentals  what killed that market and phx is that a very large portion of your renters were in the building trades subcontractors laborers etc etc.. building came to a complete STOP.. those thousands upon thousands of jobs left.. and most of those folks rented.Memphis is a rental city and has basically always been one with about 50 to 55% of pop are renters.

Hello and thank you for taking the time to read/respond to my question.what do you believe are the top 3-5 characteristics the perfect property management company must have?  

That being said, no one knows where the line will be drawn with gentrification, so it's a gamble either way.

I'd never invest for the potential of appreciation alone, it's a silly gamble.  

As you can see, each state has economic characteristics that can play into the housing market.

"Hey Listing Agent Sally, I see that your listing on Main St has X characteristic.

What are the characteristics you look for in a quality realtor?

Lastly, this amateurish notion that appreciation is merely whimsical speculation, fitful gambling, etc. has been debunked many times on BP.