In contrast, if the economy suddenly heats up so that all 100 people realize there are jobs out there and start looking, and 50 of them find jobs, you have a 50% unemployment rate.Which market would you rather rent in?

@Russell Brazil@Aaron TaylorJust to do a contrast with my own properties, I wanted to check out a 20 year history using the same calculator.Here is what I got:Time Period: July 1999 to July 2019DJIA Return: 143.59%Annualized DJIA Return: 4.552%Total DJIA Return (Dividends Reinvested): 289.536%Annualized DJIA Return (Dividends Reinvested: 7.035%For the property I mentioned above, JUST in Appreciation, I am at a 19.33%The numbers for the IRR calculation is as follows:Year 1999 ---> -28,000Year 2000 to 2018 ---> ZEROYear 2019 ---> 960,000-------------------------------The IRR will be 19.33%If I take into account $40k in renovations in Year 1999, but then counted the Cash Flows (the dividends), the IRR then becomes somewhere around 18%.

I like contrasting color schemes.

@Michael KrassosI think it would be beneficial for the (NJ) community here on BP if you update this thread and share what you've learned and outline how you intend to operate.That way, others may compare & contrast, as well as offer or seek suggestions.

In contrast, a multi-family property may have a good cash flow, but might not be likely to appreciate much if at all.There are many different measures that people look at: cash flow, NOI, cash on cash, etc. 

By contrast, Tucson and pretty much all of Arizona is very short-term rental friendly.

In contrast, I have a $2 Million NYC Brownstone that pays $5k per year.

In contrast, the prices may fall because of the foreseeable increase in supply after restrictions are lifted. 

Also you need some contrast.

However, this is in direct contrast to the OPs stated desires (if I'm understanding correctly) to have higher cash flow day one ... always important to consider both the quality of the cash flow in addition to the quantity ...