And, since home values historically increase in value (4-5%) then I’m going to gain on that side as well. 

Generally I would say that if the property is 15+ years old and not recently completely renovated a SFH would likely be in the range of 50% and a multi unit likely slightly lower, possibly as low as 40%, due to more tenants, higher cash flow and lower risks from vacancies.The 50% guestimate is based on the historic average of hundreds of thousands of rental units of all types over decades of accumulated data.

If you look at the recent historical trends it's not hard to identify which markets are 'growth' and which are 'cash flow' type markets, and there are some that show characteristics of both. 

Haven't looked into the federal tax credits yet but I know it is historic as it is in the national registry.Also, couldn't agree more on #3.

We are still in historical low interest rate.

These are in micro markets within the city that have not not been poised for growth historically, have higher renter than ownership ratios. 

Although you can expect some dips along the path, over the course of the long term, real estate has always (historically) gone up.

We're in a historically low interest rate environment, but rates are rising and the days of rates in 3's are gone. 

I don't want to be the negative person here, however Bend has historically cycled fiercely and we are back up at the way too high price range. 

I think that this area of TN has historically been popular with VRBO so I'm curious to hear replies from other hosts in this area too.