Interestingly according to according to the National Association of REIT (NAREIT) the self-storage asset class also outperformed other sectors in the most recent recession. 

There's massive evidence that investment advisors as a group do not outperform index funds, but maybe yours is one of the better ones.

So, it is possible with the right rental real estate to out-perform the returns of notes. 

The TK’s outperform my locals because of the experience of the team and the market.

Both these things cut into potential cash flow, so I am happy to accept $100 - $200 per door in cash flow, so long as my CoC return is at least 10% (outperforming what I could do over the long run by passively throwing my money in the stock market).

There are a lot of markets and sectors that are still outperforming.  

However, if you can make the money out perform the cost in PMI/MIP then it would seem that may be a logical opition to puruse.

Statistically, mutual funds are usually unable to consistently outperform when you take into account things like fees and key benchmarks that they should achieve.

What the competition was doing was also important because they always planned to outperform all others.One of my hidden costs was the sewer pipe.

Know the neighborhood, target market and the future better than others.As a long-time real estate investor, good, sound, and predictable returns vs. risk are the key factors.When presenting an investment opportunity to an investor, your presentation should demonstrate why this investmement will be a good and enduring performer in the neighborhood.It is not about the number of bedrooms or bathrooms, it is about does your investment consideration have the ability to outperform in the neighborhood with enduring results.If you seek fast money today, many old and establish investors will pass the consideration.