ESA is for people with mental illness (anxiety, depression, etc). 

Many savvy investors are probably still achieving these returns and I'd guess they're doing it in two ways:Fix and flipsBuying depressed properties, rehabbing and re-selling/refinancing (BRRR) is risky and time intensive.

Got depressed and left it like that.

(Everyone groans "Hi Nico" as if they're in some sort of depressed AA meeting.)When I was in high school, my mindset was straightforward: Study hard > Get good grades > Graduate > Enter college for my bachelors > Repeat the first three steps > Study hard for GREs > Enter grad school for my masters > Repeat first three steps again > Find a job > Gain experience > Quit old job for a higher-paying position at another company > Repeat last two steps indefinitely until retirement and live off of savings.Then, literally on the day of (or before) my college graduation date and ceremony, I saw a segment on the news that posed the question, "Is college really worth it?"

Which creates much worse conditions than volatility ie. depression. 

I looked at about 15 properties last year in a kinda depressed area an hour from me in Schulykill County, Pa.

@Chris Platis That's the only true source...the inventory fluctuates greatly with location and state of economy...more depressed cities or locations with declining populations will have surplus...generally speaking, foreclosures are non-existent nowadays.

That's what I target in Arlington, but purchases were made when prices were depressed.

I know alot of people who get treated for depression or some sort of mental health issue and gets a letter from a licensed doctor or therapist that allows the patient to have an ESA.

On the other side, you'll want to investigate if the HOA has restrictions regarding residents being renters, and the HOA dues depress the ROI for the investor.