The vast majority (over 90%) of investors are obsessed about cap rates and cash-on-cash returns...i.e. cash flow only. They all use the rule of 72 to determine when they will get a 100% return on their money. The negative with this line of thinking is: there is no consideration about the appreciation of the property. The more sophisticated investor will think in decades (not quarters or years) and can reap a much more substantial reward. With this line of thinking, no other city in the US can offer a greater reward than New York.