To me, I would need a pretty good idea of at least high single digit appreciation for the next several years on this property for it to work.

Not a show stopper, but you need to consider this in your business.If it was easy to sock away $200K and produce a double digit return, a bunch of people would jump on that opportunity.

I can make $1,600 playing conservative poker in 6 months and have much more fun doing it.

More and more renters driving demand and rental rates up.http://www.biggerpockets.com/forums/52/topics/59075-double-digit-rent-hikes-are-on-the-wayI'm normally not a big fan of investing out of one's area, but I make an exception for those in areas that just don't cash flow well.

I dig it.

It's like a poker game -- sometimes you'd rather play lower stakes against tougher competition than higher stakes against weaker competition (okay, that's not true for me, but I imagine for many people it is :-).So, I'm not averse to emerging market bets, but only because they tend to be smaller bets and the worst-case scenario isn't as financially devastating as the worst case scenario in a market like San Francisco, NYC or Boston.Hopefully I explained that in a way that makes sense. 

@Andrew Schultz  is another friend of ours who is very familiar with the idiosyncrasies & PM of Buffalo.Personally we are predominantly in Niagara/Orleans county but have a couple of nice double digit COCROI mixed use commercials in Buffalo.

Double digit get caps are to be had if you know where and have the right team. 

@Andrew Aladjadjian cash out, use the money to buy rental props out of state with double digit net caps .

The house has already appreciated at somewhere in the high 5-digits.