The large coastal California cities were ranked very high in appreciation (not surprising) but also were ranked very high for their cash flow (this could surprise some who do not recognize the coupling of appreciation and cash flow).Initial cash flow has a poor correlation to actual cash flow over a long hold.

If you consistently analyze properties, recognizing a good deal will be much easier when it shows up.

I don't say it is or isn't worth it - only each of us can make that decision - but I criticize no one for asking the question regarding enough, or even recognizing their lack of desire to spend an inordinate amount of effort to obtain what they consider marginal gains. 

Addressing Investor Concerns:I absolutely recognize that investors need returns within a reasonable timeframe.

.- Opportunities don’t wait—neither should you.The holidays are about giving, but they’re also about recognizing opportunities and making the most of them.

However, we also recognize the time value of money, so while it might pencil out to turn a profit, but we get an immediate payback versus a six to nine month holding time, it might make more sense to sell them both as bare land.  

If you're going to work with contractors, collect rent from tenants, or try to bed the hot chick at the bar, you better learn to recognize warning signs and get out early. 

I recognize I have benefitted greatly by my market’s appreciation.  5.82%/year for this century, 8.29%/year for the last 10 years, 10.31% over the last year.  

Recognize that if your insurance goes up you need to pay $x more into escrow.4.

Fortunately, even though I'm a newbie still in setup mode (working through renovations on a value added property) I'm already starting to recognize the right answers before reading the responses, thanks in big part to many of you.