So your problem is very similar to the issue that all multifamily operator experienced :once the cap rate getting lower and appreciation increases, property tax also increases, which depress CoC and reduce NoI. 

You're right, lots of depressed rental rates right now and I see cranes everywhere so that supply will likely hit in the next 12-18 months.

$8 million in Midwest RE portfolio and putting over 30% down - that sounds depressing.

Before you get too depressed at the amount you're making from those properties you need to run an IRR analysis (internal rate of return). 

Class C property/deferred maintenance/depressed area?

Let’s call it what it is, a damn dart board.IMO, it’s important to recognize that despite the high costs of real estate / interest rates, and depressed demand as a result, this does NOT seem to be the 2007 housing crisis all over again.

It can get depressing sometimes. 

Assess the quality and experience of the management team or consider outsourcing management duties to reputable firms.Market Oversaturation: An oversupply of similar properties in the market can depress rental rates and occupancy levels, affecting your investment returns.

Also rereading Ravi Batra's The Great Depression of 1990, just wanted a paperback for the plane ride and it is amazing how much of it is relevant to today's economy. 

The extensive root systems will start caving once removed, which will cause issues for a while -- we had one down in a storm and we're still filling in where roots all over the yard continue decomposing, causing depressions in the yard even 5 years later.