However, getting anything straight thats black and white from anyone other than DD can be so on and off down there its depressing.

If you have a low cap rate and expected appreciation is higher than the rents support, your rent is to low or expenses are too high or you have external market factors (area, neighbors, external obsolescence) depressing rents and therefore appreciation.  

What should I expect in a depression.

Sometimes I get depressed when I listen to the podcasts and hear how people 10 years younger than me have 50-100 properties and are making multi-million dollar deals.

@Ricky Gibson   I am absolutely offended... being a RE broker for 40 years living through 3 recession depressions making millions losing millions I know how to think out side of the box..

He managed to start his career on the eve of the great depression but still made a living during those times when he was selling a product not many people were interested, in or could afford.

They bought 4-5 years ago when prices were very depressed, so I imagine it would be very difficult to buy something like what you describe that will cashflow or even break even from day 1 as a vacation rental.  

Hi John,I did some deals back in 2009-2014 in Las Vegas - mostly commercial - i'm now in San Diego.I know office space is one of the most depressed areas of Las Vegas.

It sounds like demand is low and supply is high, keeping prices depressed.

They are always junk, in depressed areas, with marginal hopes for appreciation.