Quote from @Paul Azad: SUPPLY "About 2.6 million Baby Boomers die each year, but that number is expected to increase to nearly 4 million by 2037."

This will increase the return above what can be obtained on a passive investment.The flipside of having the power to control everything is that it can be alot of work (and a full-time job if a person is putting in sweat equity).

My recommendation would be to choose potential markets - in several price points - that have strong rental demand and year-over-year rent increases and that also are in markets that are appreciating. 

That will most probably be offset by an increase in new mortgage costs and increased rates. 

This can result in a significant increase in property taxes, especially if the property has appreciated in value over the years.The ATI exemption allows property owners to apply for a reduction in the assessed value of their property for tax purposes.

Eventually, Class A property values increased to the point that even increasing rents didn't allow them to cashflow upon purchase.So, the flood of new investors switched to buying Class B properties.

In larger multifamily investing it's about finding opportunities to increase revenue and/or decrease expenses to drive value.

And as time goes by, rents will increase and your income will look better and better.My first investment in 2004 made $35 more than the mortgage.

But I'd like to see Lynnette's projects to support your claim "the portfolio was a 30% increase in cost to the consumers" since in TN, NC, VA, NC PPAs are priced at avoided costs. 

The increased cash flow would make such a substantial difference in your daily life that not paying it off would be foolish.Outside of that, I can't see many reasons I would take a 15% tax hit to save 4% on a mortgage, which is really only effectively about 3-3.5% depending on your tax bracket.