Investing purely for appreciation is a bit silly, certainly in today's real estate market you can invest for cash flow.

It was purely beginners luck. ;)

I generally shoot for a cap rate in my town in the low 20s but I also know that I am investing purely for cash flow.

Is this purely based on personal preference and goals?

I am sorry, putting a lock box on the home is pure lazy. 

Than as I became more established in my career we out every penny of my income into downpayments for pure rental. 

Risk of the manager making a mistake.I wouldn't treat you like some of my "purely" out of state investors since you've lived here, so you have a lot of first hand knowledge about the area already.  

The Dr was purely guessing and nothing more. 

It is purely a numbers/profit game to them.Mean while, the little guys like us have less to choose from and it is us rehab flippers who actually bring more value to both the economy and to the property tax income for the states.

Appreciation cycles:1984 to 1990: 100%1995 to 2001: 100% (purely coincidental to be equal to previous)2002 to 2007: 59%2012 to 2017: 72%No matter how bad the timing of the purchase (even if purchased at the top of the market before the GR - The worst time to purchase in most of our lifetimes) you would have experience pretty good to great appreciation on a San Francisco purchase.