We love the area, but not sure how the occupancy and return compares to other markets such as Gatlinburg. 

When a property appreciates faster than rental prices, your return on equity (ROE) decreases in the long term.Additionally, suppose there’s a lull in appreciation rates.

After we move in 4-5 years, I would rent out both units.Pros:Potential for long-term appreciation in San Diego.Cons:The property will not cash flow enough to cover the mortgage while we are living there.After we move, it would provide very low returns and minimal cash flow.Would require a significant portion of my liquidity, making it harder to invest elsewhere and grow my rental portfolio.2.

And if you lived out there and could self manage, maybe you're making 200/mo even.From a return standpoint, even at break even, you're gaining 8k a year in depreciation to offset against regular income so maybe 2k there. 

We seem to be returning to the “Drive until you qualify” days, where homebuyers are forced to move further out to find affordable housing.For someone who works in Marlborough and only commutes a couple of times a week, buying a multifamily home in Worcester might seem like a smart investment.

Are decent buy and hold returns still found in some parts of California?

To start, I’d like to ask you a question: What is more important, purchasing real estate where you can obtain 100% return of your capital through the BRRRR investment method but otherwise break even or even worse lose money or alternatively  leave some of your capital in the deal but earn a profit when the property is sold? 

In return my tenants treat me and my properties very well, stay longer and refer friends.  

Yeah, that's the thing - Columbus is a good market in theory, but not to the tune they are propping it up without confirmed returns and data of other clients.

Get both POV.3) Return to your lender with the addresses you are interested in and get some term sheets.