The reality is people are making money in virtually every market.

Also, keep in mind that just calling a rental property "long term" doesn't change the reality if you are really renting as short term.

That's just the reality.

The numbers look good on paper but reality can be very different.

Class C cash flow on paper in reality is losing money each month. 

The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!

Have you tried to call the city or to go down there for a reality check?

The numbers give you a range of values for discussion/negotiation purposes, but in reality a deal like this isn't a market rate deal because there isn't a broad "market" for a property like this.

While the intrinsic value of the real property initially seems like a safety net, the reality of the capital stack reveals the risk.

They come up with values unhinged from realities of the market.