As far as risks, I'd rather take the 10 years of certain cash flow with moderate appreciation over gambling on equity increases.

No, because a) that might be their luxury/vice item for all I know, which is 100% fine if it's viewed as a luxury item that they just really personally enjoy and gain happiness from (it's much less harmful than other vices, like drugs or gambling!)

It's a little bit of a gamble for both of you, but I think a fair one. 

Hopefully during that time the house appreciates (always a gamble and never guaranteed). 

You can have a cash-flowing property that has a loss for tax purposes, primarily due to the effects of depreciation (a non-cash expense).If you have a negative cash flowing property, then your only financial benefit as an investor is the gamble on property appreciation.

I know I’m ignoring any appreciation, but I hear over and over again not to count on appreciation because that’s a gamble.

It could appreciate but I consider that gambling.

I am just thrilled to be a landlord! 

I haven’t been thrilled with there marketing, and I’m not really sure what to do about it.

You'll have guys gambling on the side court and people possibly getting shot over a game or down😳.