I posted a reference above. No need to repost it.
The moisture will condense in the pipe, it will flow back into the heater, and it will result in corrosion and premature failure of the unit. That is why manufacturers tell you to slope it down 1/4" per foot, so that the moisture will run out the pipe end outdoors and not back into the unit.
Which manufacturer??
The OP is using a Mr. Heater and from their manual:
E – HORIZONTAL VENTING – RESIDENTIAL
1. For horizontal residential installations these units are
certified as Category III appliances. Venting A - General
Recommendations and Requirements and C - Horizontal
Venting General and E - Horizontal Venting - Residential.
Refer to figure 6.
2. The vent pipe diameter for horizontal residential installations
shall be 4” (100mm) on 50 and 80 units. A standard vent
transition is required at unit in addition to the transition
supplied with the unit.
3. The maximum vent length is 5’ (1.5m) plus one 90-degree
elbow. The minimum length is 3’(.91m).
4. The vent must maintain a ¼” rise per foot of slope upwards
toward the termination.
http://www.northerntool.com/images/d...uals/27456.pdf
See page E8 fig.6
The problem most DIY's encounter with FHA heaters is the numerous amount of varying installation examples provided within the manufatures instructions. They don't know when/how to properly decipher or apply to their specific installation and/or which code to follow.
Both vertical rise and downward rise with and/or without drain "maybe" acceptable depending upon the specific manufacturers instructions and your local juristiction. It is typically only required in a "commercial" installation. 99%of most DIY's never inquire what there local codes depict so they wind up installing it however they interpert the manual.
Mr. Heater MHU series heaters specifically require an upward slope only whereas the Modine Hot Dawg series lists both.
I also suggest you do some indepth extensive reading of fan forced heating appliance venting . The Duravent sizing handbook has all the info you will need but you may need to read it several times before you understand it properly as i did.