Of course, those kind of returns are anomalies and not something you should aim for realistically but it's just interesting to know how investors of the calibre got there.

Hearing your story will help me as I calibrate my model and expectations. 

Also, filtering for split and dividend impacts gives no data on this site - also indicating to me that it's already considered.So... yes, I believe that the returns calculated include dividends, splits, and appreciation.I'm happy to have a cross-calibration if you've ever seen similar analysis.

It's probably a B to C grade area, depending on exactly how you personally calibrate such things.

I am not sure if by BS you think that we are making the fees up but activating a t-mobile cellular account, paying monthly fees on it while you wait to install, paying my integrator/web guy to set up your database with your property and private login, paying my guys to program your meter and label them for your apartment, test, calibrate and finally paying shipping are definitely all real fees.

You’re going to have to get creative in a low income neighborhood as the credit often isn’t what you’d like but the more of these you do, you’ll get mentally calibrated to the range you should shoot for in your area.  

However, financing is federally calibrated, while some local liberal (or politically conservative) judge may gloss past some federal aspect (that is done in smaller jurisdictions where judges are not really exposed to certain types of cases) it is the federal regulators, HUD, federal judges that can act on a financing matter, that is well known and it can put a local state judge out of the picture.

How is this any different than calibrating your overall portfolio equity with non-private loans?

When you are getting a better idea of neighborhoods, let me know.I think if that cost range is your expectation you should probably re calibrate the number of units in your building.

I work in the natural gas industry and sometimes our meters fall out of calibration.