I have found the South Bronx market to be very, very interesting, as it is quickly transforming from a low income/ industrial neighborhood, to an upscale neighborhood complete with new parks, new transit options, and numerous 20+ story rental buildings. 

cash flow Eh who cares even if its a little negative your play is someone else is paying off your 600k asset for you and the tax breaks lots of depreciation on that house and I know I know  appreciation gain ( is thought of as gambling)  over time which has proven since the mid to late 70s to be spectacular and has made millions of people tons of money and I mean tons.   

Without them, you are gambling.

In the event the offer is rejected, the non-offering Member has the right to reverse the offer and the offering party is abound to accept the reversed offer on the same terms and conditions made by the offering Member.This clause is designed to "keep the parties honest" and has saved my bacon numerous times. 

It is definitely a long term play/gamble but after 40 years of doing this and surviving three recessions you learn a couple of things along the way.

You're asking if you should gamble on appreciation.

There are numerous cash flowing, landlord friendly markets with lower price points and greater room for appreciation outside of California.

I have negotiated with numerous PM companies for 8% under the promise that they would be the only PM company I use in that area providing that they place good tenants and quick. 

I suspect unless your in a defined Runway easement ( and they are defined) how can you disclose for aircraft noise.. winds come from all directions the runways change with the winds if you look at a High Altitude Sectional you will see there are highways in the skies and each airport has numerous different published approaches to use..

#1 can just be a savings account- don’t do something silly like a brokerage, that is gambling and you can lose the money#2 I self manage my units and have a few I manage for friends.