But it always goes up when looking at a time horizon of several years. 

There are no doubt a wide range of opinions that match the diversity of goals, markets, and personalities.I believe in the Warren Buffett/ Benjamin philosophy of buying assets with a long-time horizon when they are priced at a discount to intrinsic value to provide a “Margin of Safety.”

There is always an impending recession on the horizon.

If you look over a long-term horizon and surmise that your property will be worth flat, slightly down or up over the next 5-10 years, then don't you come out ahead at the end?

"You just need to pick a market where there is not any current regulations and hopefully none on the horizon."

Step out of the moment and elongate the time horizon.  

That’s where I’m investing and doing so with a long horizon for that change to occur while cash flowing nicely along the way.

Since I have a long investing horizon (30+ years) I assume that I will average 7% growth of this investment per year.2.

I would also add that purchasing existing has a bit less exposure than does development when a recession is on the horizon. 

The issues with older properties is the deferred maintenance and CapEx that might be on the horizon.