I live in a college town, where both rents and property values on rental properties are stable and relatively attractive. It seems like it should be a great place to own rental property. But when I run the numbers ...

Will you please share this mathematical formula for calculating appreciation?

The $110k loss was to show mathematically which strategy would make more money in 10 years.I completely agree with you that depreciation shouldn't be ignored, but in my example it doesn't have any affect on the comparison.

The money left over would have to work harder (earn more) to compensate for the negative leverage of the invested part, just to break even with the returns of the unleveraged portfolio.Here's an extreme example (when it comes to mathematical concepts, I've found extreme examples can often clarify things):You and I have $1M to invest.  

How do mathematically find my closing costs amount so I can finish my MAO formula. 

Because a 5 Cap and 20x earnings are the same thing mathematically.

Mortgage payments are affected by both inputs and mathematically every increase in rates eliminates another segment of the population from being able to buy. 

Anything BUT motivated sellers.I can give you mathematical proof why I say lists do not work.Check this out...Your success in this space is based on your ability to find motivated sellers, right?

Albert Einstein called the magic of compounding interest his greatest mathematical discovery ever.If you begin to save for retirement in a 401k or Roth IRA at an early age, you will be fine.I started when I was 22, straight out of college.

The 20+ year bull market in bonds is going to meet mathematical reality, with 10 yr treasurys at 2%.