@Michael Reach no one has a crystal ball when it comes to property cycles.

I would advise being very careful at this point in the market cycle about jumping into apartments without getting some experience first.

I think those kinds returns will eventually cycle back to us, and I would be spending this time to educate yourself so that you recognize value when that time comes.In the meantime, start networking with other experienced investors in the area. 

Even invest for appreciation, not clear why you want to only look at appreciation record for the last couple years as real estate cycle is much longer.  

It's a cycle that savoy investor master.

There is a pattern or a natural heartbeat to most yearly sale cycles.

Commercial real estate lags behind a few years in recovery cycle from the last recession.

Also, when the market peaked prior to 2008, many of my millionaire friends sold their homes in San Francisco and invested this money in Dallas to generate high returns. (2) Not the right time to buy / Market Cycle reasons. 

The downside of renting is managing tenant issues and slow cycle time between purchases (boredom).  

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