You'll get some comfort from looking at a graph of historical top tax levels - https://bradfordtaxinstitute.com/Free_Resources/Federal-Income-Tax-Rates.aspxAside from obvious extreme hikes  for WWs 1 and 2 and Korea and Vietnam (seeing a pattern here) and paying for the New Deal in the Great depression - Tax rates haven't changed that much since the tax code went into effect in the early 1900s.Since 1980 ish it's been relatively unchanged around an axis through 3 democratic and 4 republican administrations. 

refinancing and pulling out additional money when the rent hasn't increased substantially would depress ROE further down.

It’s depressing next to areas like downtown, little Italy, Hillcrest, mission hills, Pacific beach.

I hate having to visit them as the area is a depressing sea of bland beige strip malls filled with Outback Steak House and Subway.   

In Vegas I raised rents all through the “depression/recession” for single family homes. 

If you're of a pessimistic bent, as I am, given to bouts of depression as I am, it helps a great deal being proved wrong in your thinking from time to time.

Saskatoon also has some great opportunities right now with the market being depressed as it is.

Long answer, yes, but only for much higher cash flow and an area with "little" appreciation, as in, it is not likely to depress MORE.I do wonder though, could you instead turn those houses for seasonal weekly rentals instead of $400/month long term tenants. 

Also, now you are wondering if it will go down even further.Finally, when the market is depressed, well, it looks depressing.

@Taylor Knott My searches here in AZ have been pretty depressing.