The light in the unit was awful, I had a blood-red fake leather couch, and I took horrible photos with my cell phone.

We just launched a Cash-Flow Breakfast Club for your area!

You basically have "Growing but no cash flow" or "Stagnant growth but good cash flow". 

If you don't have appreciation capex will wipe out your cash flow. 

There is also Niagara Falls, Ontario which seems to have a more consistent flow of visitors throughout the year.

Talk about CASH FLOW!!  

My plan is to mainly focus on cash flowing properties that make the 2% rule. 

It has seen steady appreciation, and multifamily properties can provide strong cash flow.

Quote from @Marc Zak: In the market where I live (San Diego), appreciation has been strong and many predict it will continue to appreciate in the long term.However, with current interest rates (6% at best) and property tax (2%), the annual cost burden is 8%.Am I correct in saying that appreciation has to be above 8% annually (plus whatever my maintenance and vacancy costs are) for me to make any money in this scenario if the property is cash flow neutral?

But... you also have to consider increased cash flow from mortgage pay off.