In a resort area, demand and prices also fluctuate with the seasons.

Rents in Decatur didn't fluctuate that much last year.

I realize RE valuations in the future certainly can fluctuate, if you look at a 100 year period in the past, history tells us that RE is a solid investment, as well as the stock market.

One question though, it appears to me that for a buy-and-hold investor, inflation and fluctuating market demand are not all bad.

If I buy a 100K house that appreciates 3% over the long run (per study by famed economist who called the last crash, Robert Shiller), in 30 years I have ($) 242,726.25 Jack - In this example, you are picking a period that includes many market fluctuations - ie a few recessions, etc.

It'll hover there and fluctuate as supply and demand dictate; as well as technical advancements that make shale more cost effective. 

Unless the floor structure is of concern, or the tiles are so large they are prone to breaking if there is any fluctuations in the sub floor.

I do not use the 50% rule for purchasing decisions, but am aware that over time, the annual cost of owning a long-term rental will fluctuate.

This number will fluctuate some from year-to-year as you have more or less vacancy and maintenance, but your initial investment will remain constant.Best of luck with finding that first rental!

Even with water, I've seen some wild fluctuations in bi-monthly bills.