How about realizing that when you use the current property taxes of a property you are buying to calculate your per door profit that the following year your taxes will reset to what YOU paid for the property and will likely significantly increase your tax expense - which can take you from a positive cash flow to a negative cash flow on a low cash flow property… now you are paying your tenants to live in the property every month out of your W2 income  hoping for an appreciation play until rents hopefully increase.I could go on and on.  

I also understand accounting and legality may play a role.

Cities don't play fair when they decide to go after you.One thing I would also suggest you do is look on AirBnB for the specific building you want to buy in. 

That’s where details come into play.

the one that broke even was a fix and flip play that the fix happened but the flip did not work. 

But she takes excellent care of them (even put in a small concrete pool for them to play in during the summer:-).

I guess an appreciation play would be the only thing that makes sense over here.

If this is your first investment and your first property, the quickest way to fail is to create an uneven playing field.

I also have one neighborhood that I am hoping to purchase an SFH as an appreciation play.

You're not playing  landlord anymore, but can make some $$$ if/when you need to.