Assuming 7.5% interest rate, the negative leverage would require you to put way more than 20% down just to break even.  

Lakefront or forest view properties perform better.With an effective dynamic pricing strategy, you can still achieve solid occupancies in this market.

However, longer-term bonds (1-5+ years) are subject to interest rate volatility:If rates rise, bond values drop, potentially leading to negative net returns.If rates fall, bonds appreciate, but gains are capped by their fixed coupon rates.While Treasuries provide stability, they offer limited upside and carry hidden risks for medium- to long-term maturities.Why Real Estate Is a Stronger Option in Today’s MarketMultifamily real estate, particularly value-add properties, presents an asymmetric risk-reward profile that Treasuries simply cannot match.

My concern with declining values, increased inventory and a weaker economy would lower rental income and could potentially put me into a negative cash flow situation.

>The likely rent I'd get in this area will cover half my mortgage payments at the momentI have done all of my brrrr in different market and I have the same issue that after a refi to extract the value add, my high LTV property at current rates is large cash flow negative (not as large as only covering 50% of the mortgage).  

Look to ask the seller about financing back whatever they want for their equity but make sure the mortgage rate and payment are at a place where you will be able to cash flow effectively.

I know the sentiment on this thread has been negative.

Most will be negative because they have had bad experiences with it. 

How much it makes as a LTR/STR/MTR doesn't have any effect on the pricing as it's value is strictly from comps.

Real estate, like other things has a snowball effect.