They are looking for places like midtown/downtown and buying an investment property there is a gamble at best.

The other 95% will fail because they are just gambling, and when the table stops paying or they can't figure out the game, they walk away, only to be replaced by a new group of people doing the same thing!

I gambled on the water restricting supply.

Lots of people love to gamble. 

You can choose to push the carpet one more renter, and if the roof looks sad but isn't leaking yet, you can gamble another year.

Many people can get by without pulling them, but it's a gamble.  

but in my view it makes a relatively "safe" investment in cash flowing real estate into a gamble on appreciation.    

you are simply buying the property with all liens attached ,without a title search and a inspection of the property you are taking a big gamble 

Now is the time to shore up your position, not gamble your future.Investing from a position of financial strength is much safer, but risk tolerance is an individual choice.

Why gamble and hope for future appreciation.