We (the partnership) have yet to buy a property and realize income but it is certainly on the horizon. 

Yes, I'm targeting appreciation and rent increase over 15-30 years horizon, and you confirmed my strategy for A-class.

Not every property is a deal, but there are definitely some in the Tacoma market that can still cash flow and there is some appreciation on the horizon.

In all probability we're not going to have another once a century recession that matches the last one so soon, but even if we did, you'd be doing more than OK if your ownership horizon is 10 years or more.

As for IRR, I used a 30 year time horizon, and used pre-tax cash flow at current rents for the first 5 years then for the next 25 years, I used the increase rents that I think the property could get for years 5-10, then for years 11-30, increased cash flow by 1% per year and then sold the property with no tax consequences (1031) in year 30 for $250,000.  

They need to determine their goals and investing horizon and make their own decision.

You may need to broaden your horizons and drive and become familiar with more neighborhoods.

risk tolerance, passive vs active, time horizons, is cash flow more important right now than appreciation?

I guess it depends on your time horizon. 

I work with a few great title companies as of right now but I'm looking to maybe expand my horizons.