Probably a correction followed by a period of price stagnation. 

It was a groundbreaking study because it was the first to study returns of stock, bonds and residential real-estate since the 1870's across multiple countries. https://www.frbsf.org/wp-content/uploads/wp2017-25.pdfIn the whole period...real-estate had the highest return with stocks a very close second (about 1 percent behind) and bonds lowest.In the modern era, it was essentially the same but with stocks in first place and real estate a very close second (about 1% behind) and bonds lowest.And even in the modern era there were many decade long periods where real estate did better than stocks.Also, there is no way to know what will happen in the future and it's possible that stocks could perform lower for a longer period( or real estate).So, to me it's a no-brainer that I want the diversification of having *both* in my portfolio (and would never limit myself to just one of the other).

By talking with elderly residents you may also learn that there is high probablity they won't be around in a relatively short period of time.   

If you don’t meet these requirements and haven’t yet sold your home, you might consider delaying a home sale until you’ve satisfied the necessary use and ownership tests, he adds.If you rented out your primary residence for a period before a sale, however, you may lose a portion or all of the exclusion, McGuff continues.

Forced Apperception (BRRRR or buying at a discount) allows me to build in equity from the beginning.Market Appreciation is where you will make the most money over a 10-year period but is the least predictable.You typically cant get a second position loan or HELOC from an investment property.

Know if there are any redemption periods. 

I never ran the math.. but one thing I do think is a 27k little rental in the mid west probably would not have made us that much money in cash flow and appreciation over the same hold period and we just mowed it about every 3 years ..

Franklin is such a growing county - I know many people who are planning their escape from Illinois financial and political mess and Tims Ford Lake area is popular for housing value and better weather than northern IL.When the time comes and you're past the redemption period on your lot, offer it to the property owners next door and other owners on the street. 

Usually, these are tied to your paycheck too which makes the payback simple as long as you are working at that company during the entire payback period. 

Navy Federal, as an example, needs a long time to close and requires tax returns, but has a 20 year draw and a 20 year payback period…takes much longer than others, but that payback period is amazing.