Of course, your cash flow is almost nill, but there are several great things that will happen;1) You will be able to increase the rents on 5 houses every year. the first 1 or 2 years you are depressed and think you made a huge mistake, but In a few years, after increasing rents, your will be bathing in cash. in 10 years you should be earning 5 times the cash flow you would have earned by paying cash for 1 property.2) You never get rich from purchasing and renting properties.

In addition to the fees rising over time and thus depressing both your cashflow and your total appreciation potential, you need to comb through the CCRs and the financial operating statements to make sure there are no whammies coming. 

Emotional support animals have been known to assist disabled individuals with severe depression, generalized anxiety disorder, post-traumatic stress disorder, and many other emotional and psychiatric disabilities.If a person with a disability needs to use an assistance animal, he or she must first make the request to his or her housing provider or housing board.

Prices in this depressed area weren't proven.

The appraiser will do a narrative appraisal (usually around 85 pages) and they do a comparable market analysis which includes market rents, market trends and any external obsolescence depressing the market like wage stagnation, population growth, industries leaving or coming into a market etc... 

The second largest was during the Great Depression,  about 80 years prior.

@Chris MunichielloOn a national level, since the great depression prices have only dropped twice, and only one of those was of a significant value.

In a market where rents are depressed, the RC will often be significantly higher than the ACV.

But if you don’t do a 1031 exchange you will be on the hook for recapturing depression expense.  

It's a farce.If you want a reason to turn to the bottle, compare this map of lead poisoning in Cleveland to this map of redlining in Cleveland (read the whole report, it's fascinating/depressing) to this map of Cleveland neighborhood quality by our local broker Holton Wise.We have a long way to go.