This is one of those very rare moments that you can have your cake & eat it too. 

In this example, you might be able to have your cake and eat it too.

Appreciation is the icing on the cake, don't count on it.

@Bob Malecki I think its great timing right now for well position and located firsts.. although there is the assumption that there will be equity on top of the discount time will tell there.. so as long as your profitable on your rate of return today anything above is icing on the cake.. kind of like buy and hold investors think of appreciation as a bonus.. 

Can you not have your cake and eat it too?

Seems like the rent is the icing on the cake.

But the meter right next to my meter is broken and mud is caked on the gauge's face.

I have an apointment tomorrow with the code office to see what i can and can't do.I could build new construction goes like hot cakes in this town. the school, the taxes...  

They are not hot cakes and shouldn't be passed out to any passer-by.

However, in spite of your encouragement, I'm feeling a little nervous about starting out with properties that potentially have HOAs hanging a dark cloud over that strategy - especially since finding good cash-flow deals in the Denver area these days is not a cake walk to begin with.