Do you buy small MF (2-4 units) for cash flow or appreciation?

[Thuy Pham-Satrappe]

I know the unicorn property offers both great cash flow as well as future appreciation, but how often does that actually happen? Other ideals would be low crime rate area as well

Looking at small multi family properties (2-4 units).

[Nathan Gesner]

I would not buy for appreciation because one change in the market can wipe out all that appreciation in a year or less. The crash of 2008 is a perfect example but there are smaller versions of that happening all the time. Cash flow is less volatile and more stable. If you hold on to the property long enough, you'll get both.