What's wrong with turnkey?

[Lisa P.]

Hello, I'm very new to BP but have been doing a lot of reading of previous posts, particularly about turnkey properties.  

I live overseas, and am considering investing in a US property.  From what I can tell, turnkey seem like a decent way to go for someone like me provided that I do some due diligence on the house/area, have an inspection done and appoint a good manager.  But I'm wondering about some of the downsides that other posters have mentioned...

A few people have said that buying turnkey usually means buying at market value.  I'm trying to figure out why this would be a bad thing.  If I invested in shares instead of property, I'd be buying at market value, so why would this be different.  Have I missed something?

The other point that has been made a few times is that turnkey usually doesn't offer much in the way of capital appreciation.  Is that so bad if the annual yield is good?  If I hold a property for 5 years with no capital appreciation but it's been cash flow positive for that time, isn't that OK?

Thanks!