Many consider real estate to be a hedge against inflation.

Based on inflation alone, you ought to be able to get another 1-2% ($3,500-7000) a year in appreciation. 

You only put down $27k (maybe more after closing costs) but that is another 16% return.We are now at a 32% return.You then have to factor in your return on the tenant paying the loan down, the tax benefits and the inflation hedging.Cash flow is the name of the game, but you cannot rule out the other returns.It might start out slow at first, but set solid goals with actionable steps and things will happen faster than you think!

Great read is Milton Friedman's "Money Mischief"  which goes all the way back to Roman times for inflation and debasing of currency. 

If my main objective was to lock out other buyers in a neighborhood (and I don’t want to own it all, as much as I just want lots not to be sold from the current owners), couldn’t I overpay for a few properties to dist...

While inflation continues to rise you'll have the loan locked in and a resident paying off the note for you while the value of the house continues to rise (if you're in a solid area). 

With those numbers that are given I would assume that 12% is the yearly appreciation estimate which 12% of 100,000 would be $12,000 or $1,000 per month.This appreciation number is a guess and I would not count on it every year, specially as we are seeing interest rates increase and home values decrease over the last 3-6 months in most markets.Generally a safe appreciation number would be inflation plus a 1% in most markets, but 2022 and 2023 will be a different bear I am sure! 

All in all, a step in the right direction to getting inflation under control!

Here is another oneIDEAL it's easier to say than CATPIncome- income from rentsDepreciation - Tax benefitsEquity - Equity build up through inflation over timeAmortization - Mortgage pay down over timeLeverage - Leverage the ability to increase returns by using other peoples money

Other option would be to keep printing dollars and cause massive inflation; in which case the value of property should also go up ( and the rent. ).