That value is notoriously difficult to determine, and you won't realize it until you sell.I'd encourage you to think of the property's value, and your equity in the property as the "icing on the cake" while analyzing rental properties, and to underwrite your investments to the "Cash on Cash ROI" metric.

The card is just an ice breaker not to show off.

The governing documents (bylaws) which, the management company is claiming is why it was denied, state:Limited LiabilityThe association shall not be liable for any failure of water supply or other services to be obtain by the association or paid for as a common expense or for injury or damage to person or  property caused by elements or resulting from electricity, water, snow or ice which may leak or flow from any portion of the Common Elements.... it goes on

Cash flow is still the right strategy while appreciation is just icing on the cake.

Any cash flow you received in the middle should be considered icing on the cake.

Either way, as Jacob posted on another string.....appreciation is just icing on the cake....when you get it AWESOME but don't count on it...and if you do.....your profitable deal on paper become a loser in real life.

Others could learn from what we have done and maybe help break the ice :) Any one interested. 

Near Gannon, there are many restaurants in old 1800's buildings, a city park that hosts special events, a convention center with flagship architecture, a community playhouse that performs Broadway plays, the Warner Theater which hosts various performers and the Erie Philharmonic Orchestra, an art museum, a civic center that is home to the Erie Otters (ice hockey) among many other events, a ball field that is home to the Erie Seawolves (minor league team), and a Starbucks on 5th and State St.

I haven't actual bought a property yet but I'm actively looking to break the ice.  

As they say in hockey, a good player goes where the puck is while a great player goes where the puck will be.