If my rental income fell 50% (which has not happened nationally since at least the Great Depression), I could still make payments indefinitely but because the loans are non-recourse it may not be smart to do so (depending on what has occurred with property value).I suspect that negative cash flow does not imply over leveraged is the point that many of the cash flow over appreciation are missing. 

We had 9/11 and a pandemic and a Great Financial Crisis but none of those even came remotely close to the Spanish Flu or the Great Depression.

Another pitfall is under improving properties in low income areas believing that since its a depressed area in terms of income the people will not have high standards. 

This is pretty depressing.

Tax deed auction last week there's a house in an economically depressed area in northern New York State (Clinton County). 

Tenant therefore agrees (a) torefrain from any behavior which is loud, obstructive, rude, offensive, boisterous, or disorderly; Any violation of this paragraph may, in Landlord’s sole discretion, be cause for termination of the Lease and or Tenant’s tenancy."

There were many limiting beliefs from my depression era family largely due to scarcity mindsets.

Let’s see how HUD reacts when the recession or depression happens....

I know, it sounds rewarding at first, but it ends up downright depressing.

In all honesty, this rental increase in a depressed area makes me wary that future increases will be more unreasonable and more extreme, and I should "get while the gettin's good."