I think this is a great question. And if you don'd mind I would like to kindly suggest my rationale.
So, hereis my 2 cents. I hope you this will be helpful to you.
I think you should be focusing on cash flow. Because, I believe that we will soon be facing a high inflationary economic conditions because of the amount of money supply being injected into the world economy by ALL major central banks and not just the Federal Reserve Bank.
When that happens, capital appreciation will take care of itself. The amount of debt (your mortage) will still be the same. The mortgage interest payment will be the same (you need to fix for as long as you can, 30 years if you are an American citizen). Your rent will go up (meaning more cash flow). But most importantly, the home value will also be sky rocketing (real estate is a natrual hedge to inflation risk. Same as commodity like gold and silver. But those commidities cost you money to hold, while real estate gives you money to hold. Exception would be to invest in an oil well, or gold/silver mining business).
During this turbulent time, cash flow is the most important aspect of your business and investment. So, focus on the cash flow. Remember Donald Trump's quote "Protect the downside. The good time will take care of itself".
Hope this helps,
Internatioanl Real Estate Professional