Although I see why you are curious about its effects, inflation adjusted IRRs are not generally used in a commercial real estate analysis (especially given the current low-inflation environment).

@Elizabeth Colegrove  I agree.... how many homes have you had trashed by tenants in their everyday living environment... crazy paint  ruined floors in a years time etc ?

I have no interest in throwing up a house and four walls, these homes are going to be something people have little to nothing can be proud of because I am driven in this project through the philosophy that your environment affects your self worth.

Not exactly a comfortable environment.

If 5+ acres then what is your plan for all that extra land, and do you have the money on hand and the local regulatory environment mapped out to execute that plan?

If you explain the benefits of a guaranteed monthly income in old age versus a chunk of cash and nowhere to put it in today's interest rate environment she may come around.

Some of the suburbs of Chicago are particularly high for SFR, while just across the border in NW Indiana taxes are much lower and the environment much friendlier for landlords.  

If the projections are correct, what is the plan when those adjust to, say, 7.5-8.5%3) How will the rising rate environment, in general, impact my investment strategy. 

I love the built environments, so my other idea was architecture, but I didn't want to spend long hours in the design studio.

@Shane BrownWelcome to the club, yes it's challenging to invest in the high priced markets such as NYC and its environs.