I have been investing in RE part-time for many years, including foreclosure purchases, rental properties, and speculative single-family construction projects.

If you could cash flow your current house ~$100-200/month after accessing equity (accounting for higher mortgage/loan payment), someone else would pay down your mortgage while you speculate that the DC/NoVA sprawl ends up creeping all the way to Front Royal in the next 30 years (it is definitely possible...) and drives the price up.  

It's called speculation! 

Relying on appreciation is just speculation to a degree (unless you're factoring in cash flow improvement due to property upgrading and improved management, which I wouldn't consider appreciation; that's a skilled turnaround).

I would never want to bet on speculation in this or any market.

I know that may be a bit more speculative, but it would help avoid the challenge of owning rentals on another continent.  

How long do you speculate for the turn around where it wont be negative?

Unsure if thinking that way makes a speculator or investor.I doubt she has accounted for depreciation.

A deal may be worth $10K more than I am offering, but until I KNOW that, I’m not speculating.

Perhaps there's a speculation play here.