The cost of land generally includes the cost of clearing, grading, planting, and landscaping.Land preparation costs, such as landscaping are depreciable Certain improvements made directly to land or added to it (such as shrubbery, fences, roads, sidewalks, and bridges) are generally depreciated over 15 yearsKeep in mind that depreciable rental property costs with a useful life of 20 year or less may be eligible for bonus depreciation.I don’t think the sources that you found are accurate since some of the improvements you mentioned can be depreciated and over a shorter period of time.

Life stage plays a big role in determining the proper investment strategy for each one of us. 

Bonus points if you can find something with a convertible garage, basement unit, etc... that can be it's own separate unit.  

a great 10-20 year investment but not a cash flow play.

Based on the provided real estate data for San Jose, CA 95111, there appears to be a seasonal pattern in home sales activity and prices:Peak Season (Spring/Summer)The data shows a higher number of home sales occurring in the spring and summer months, particularly from March through August.Home prices also tend to be higher during this peak selling season, likely due to increased buyer demand.Off-Peak Season (Fall/Winter)There are noticeably fewer home sales recorded in the fall and winter months, from around September through February.Home prices also tend to be somewhat lower during this off-peak period compared to the spring/summer months.This seasonal pattern is quite common in real estate markets, driven by factors such as:Warmer weather and longer days make it more convenient for buyers to go house hunting in spring/summer.Many families prefer to move during the summer when children are out of school.The spring market is fueled by annual bonuses/tax refunds providing down payment funds.Sellers often list their homes in spring to take advantage of the higher buyer demand.However, it's important to note that this is just a general observed trend.

You will be playing the appreciation game for the next few years, however once rates drop again, you can refinance and be cash flowing too. 5 years down the road, the ones focusing on location will be the big winners. 

Decide which game you want to play.

A potential issue I will point out is that I’m pretty sure you need to put into service the property in the year you purchased it, at least for bonus depreciation.  

Rentals with 15- 20% net caps, appreciation is just a bonus.

Play to your strengths.