It is fun to read old academic articles relating to housing. At least I enjoy it from time to time. This one is especially fun, because I sort of studied at USC under one of the authors several decades after he published this paper in 1993.  If you want to read the paper yourself, it …

Most cities can be divided into cities that promote cash flow real estate investment or they are appreciation focused. In general, appreciation focused markets are not very affordable, are highly desirable and are more famous internationally. Meanwhile, cash flow markets tend to be more stable, less growth focused cities. There are investment strategies for each …