Choosing a location is based on many factors (for me): proximity to where I live, my confidence in the cashflow, quality of the property (I stay away from fixer-uppers b/c those can suck up your time), and -- so long as I am confident that it will cashflow -- appreciation potential is a nice "icing on the cake". 

It is also one of the most cumbersome in terms of paperwork and inspections, though FHA is no cake walk. 

And yes I do believe I can have cake and eat it too if its an emerging market and I time just right to get in and get out within a 3-5 year period. 

There are opportunities to get cash flowing properties in Houston and appreciation is just icing on the cake.

Essentially they want their cake and to eat it as well as they are keeping no restrictions in ccr for when they sell but making it so that anyone who views our property is informed that they will enforce a minimum 1 year lease rule which greatly devalues our property to potential investors.

Somehow that grant money just got deposited into my checking account, and I confirmed with the grant folks that this was supposed to happen and OK and that I wasn't stealing or double dipping or anything (how it felt the first time a magical $7k that I didn't see coming appeared in my checking account).Just sharing that little bit of icing on the cake that you might not have realized was coming your way once you get into a 4 year. 

The IRS generally doesn't let you have your cake and eat it too.

If the market appreciates then that's icing on the cake.

Maybe there is a way to have your cake and eat it too, I just can't say without a better picture of your specific situation.

Calif, you're into a tough market, but buying right, having good cash flow and NOI will make the refi a cake walk.