Most appreciation markets tend to be in areas with positive growth, whereas many cashflow markets are depressed and losing population and jobs.5) Though you may not cash flow immediately, after held for long enough it likely will, and will possibly even surpass an equal value of cashflow from cashflow properties.I think that both make sense for different reasons, with cashflow markets being better for those who are just getting started, and those who want to aggressively scale up using the cashflow from previous properties to buy new ones.

I think the bigger problem is there's going to be a over saturation of short-term rentals throughout the country that's going to depress rent and occupancy.

What we don't see is what happens when you don't get rent  which is common in depressed markets and down on their luck tenants..

My most recent experience I knew exactly what property I was after (like most investors its just a numbers game) and figured it would be a quick and easy purchase (depressed market no other bidders).

Usually these have to do with rejuvenating a depressed area of town.

Of course there are awesome ones out there, but I've just been unlucky and the whole experience really depressed me where I was questioning the goodness in mankind. 

Depressing.

Unemployment is higher during a recession/depression. 

Not saying another depression will happen.

. - I know some flippers that have depressing tax bills every year and I know some long term rental investors that roll forward depreciation every year.