There are a lot of studies out there on this, or you can read Dan Ariely's "Predictably Irrational", but bottom line is that vastly more people are motivated by loss than by gain.

Well said--we're all about recognizing that humans are biased, even irrationally so, and we're always trying to find ways to compensate for it. 

The key is don't let emotion make you do irrational things. 

Are buyers of positive cash flow properties being irrational if those dividends exceed dividends of other asset classes today?

According to your analysis PDF, the ideal time to sell is 5 years from now (your IRR at that point is 55%). 

@Sharon Steenbergen I have just always been weary of getting one I’ve seen a lot of people around me accumulate a lot of debt ,but I know it comes down to jus being responsible and only charging what I am able to pay off.The more I think about it and talk about it I realize my “fear” of credit cards is pretty irrational so I am going to go ahead and apply for one

It may be irrational but for context, I have always lived in the Southwest.

Hopefully I am wrong and most of you make fun of me a few months from now if this blows over for being so irrational and extreme (I would be ecstatic if everything ends up fine).

Don't count on irrational exuberance of others to cover you for paying too much. 

If too many people are unsure of these things, people will become desperate and irrational, leading to desperate things, leading to irrational things.