Part of that equation is that I grew up in the septic business and understand them extremely well. 

Rates are only a portion of the equation. 

This equates to an average RevPAR of $105 — not bad for a market that usually averages around 50% less.Year-on-Year TrendsThe graphs above offer some clear insight as to how the holiday season in 2018 stacked up against that in 2017.Over the 2-week impact period from December 18th to December 31st, ADRs were significantly higher in 2018.

Put this into the equation.

Properly depreciating a rental home will equate to thousands back into your pocket each year. 

Those numbers equate to a population growth of 2.6% to 2.75% and coupled with job growth of 3.5% in 2019.   

@Jason Ianacone, you need to look at the expense side of the equation both OpEx and CapEx to understand if the numbers make sense.

That equates to a 60 day notice which is courtesy when considering the minimum amount of time required in the state of Illinois is 30 days.

Refi from 8% to 3% or 5% to 3% you will have the same closing costs +-.It's a mathematical equation on your tolerance as an investor and if this transaction is in line with your short and long term goals.

Appreciation and mortgage principal paydown while not part of the cash flow equation, absolutely should both be part of your ROI calculation.