Cash Flow, Appreciation, Equity, Tax Benefits

Hello BP, I understand the 4 benefits of Buy and Hold—Cash Flow being king. The property we are looking at already has a tenant—day 1 income if we were to purchase. My partner's argument is very little cash flow $50-$150. I'm ok with smaller cash flow margin because it's our first property and it's turnkey (11 months left on the rental agreement). The area is up and coming and I believe will appreciate in the next 5 years. (I live a neighborhood over).

Should we turn down properties if cash flow is light but we are gaining the 3 other benefits? 

Do you have a minimum cash flow walk away number you use to analyze deals?

Thanks BP