i see it like this: if i finance and get $100-200 cash flow, fine. if i buy in cash, and get $800 cash flow with zero risk of having to foot the bill in the event of vacancies, that sounds pretty good to me.
i already have one fully paid off rental. planning to buy a 2nd in cash. then, with leftover cash, i might get a leveraged one. i think this would be a good blend of risk for my spot in life (single income, SAHM with a 20 month old and another likely on the way)
plus, as has been stated in many threads on BP and MMM, cash flow is the target, not appreciation. so, leverage + appreciation doesn't seem to fit the general narrative of buy and hold properties. i get what you're saying and have benefited greatly from leverage on the property i just sold (0 down, basically more-than-doubled in price). but, i don't think i care about property value since the goal is to take to the grave and pass on.