For example, what if another covid-type issue (or even a general depression) happens and your renters can't pay? 

I don't know if we'll buy any more until the next downturn, but I still look to see what's for sale every day.Sorry, that kind of all sounds depressing, doesn't it? 

It was a depressed dump back then and it's never changed.

If you only buy in depressed markets you will have one or two chances a lifetime and you better make enough then to last the rest of your life.

If there is a deep recession/depression where the unemployment rate rises substantially, and demand decreases, resulting in much lower annual rents, then look out below.

I have been here since the great depression of 08' South of Gandy is not what is used to be.

It gooses any return above 10%, but it will depress any return below that.

"But What About a Recession or Depression?" 

Look up the Whiskey Rebellion- Slavery- Civil War- Depressions Great and Small- World Wars including the internment of Americans for race (Japanese)  against their will without due process or redress

I got moved to Milwaukee about the time when you left Zeke and I was not excited about what I found: the city had an overall depressed feel, it was slowly deteriorating and like you said crime was a major issue.