Now gas water heaters have an electric spark kinda thing and when they replace them, they have to run electric to it for the igniter (or whatever it's called, I'm not a plumber).

Then when the 'spill soaked' igniters fail to function & need to be replaced it drives the tenants crazy & the LL when it's $15-$30/replacement.

I don't need to deploy money, and I don't need to gamble.

Building equity is a gamble. 

Or is he/she taking the same risk as me and taking a gamble on whether or not it will work out?

BUT the fact is people who don't do any homework are speculating and gambling and often motivated by laziness and greed.

If you want to gamble on appreciation, I would say buy a property in Boston.

DC market is an appreciation play, and while I know everyone won't agree that is just a gamble, almost everyone I know that bought in DC have enjoyed their property values, many, many, many years later.

Appreciation is in my opinion a gamble and often times people want the steady cash-flow of investment properties when building their portfolios so they can step away from there full time or part time jobs.With that being said, I am an investor and also invest in the NE Ohio Market and have had upwards of 250 units in our portfolio and continue to purchase here.

Some investors with vast portfolios that already throw off great cash flow will buy properties such as in New York and gamble that it will appreciate through speculation.