I have run numbers trying to decide if holding SF properties is really worth the hassle and time compared to just investing in hands off investments like mutual funds or syndications.  For instance I have one property I am considering selling.  I bought the property in 2012 for 71k.  I spent 23k out of pocket.  I can now sell the property for 220k.  I would walk away with about 110k after paying off the mortgage, realtor fees, taxes, depreciation recapture, and other small expenses to sell for retail value.  For me the only return I care about is how much I walk away with on the initial investment of 23k.  I don't factor in CF because that just pays for ongoing repairs, maintenance and vacancies.  So roughly the return is about 19% when considered over 9 years.  I understand there are other calculations that can be used to determine the returns but I am trying to use the same scenario as if I just placed the 23k in a mutual fund.  Is this the proper way to think of returns or am I missing something?