Not a huge increase in cash flow, but you're picking up another appreciating asset. 

The Raleigh market may have increased by 40% after the Apple announcement, but it wasn't because of Apple, at least not solely.

And while I agree that debt is often the cheapest form of capital, if you are looking at a project that involves some form of value-add business plan, you can always refi either when rates come down or you have increased the yield on the asset to exceed your interest rate.But like Stuart noted, for many groups, even the most seasoned syndicators, raising call cash for their deals is effectively impossible.  

They further out the ripples go from the stone, the less appreciation your receive while the cash flow increases.

This has actually increased our bookings. 

@Jordan Meltzer unless you find a screaming deal - a Class A property won't cashflow for 3-5 years.Class B: 1-3 years.Class C: most investors don't properly understand the risks, so should stay away from them.So, you may need to deal with negative cashflow, but plan on appreciation increasing your wealth.

There are always ways to increase the value of most homes, but that is also a crap shoot.

Funny how that works. 

You increase the likelihood that you continue to receive that $8,500 each month. 

That sounds like massive renos (ie new floors, painting...).Yes as you acquire more properties, the chances of having multiple vacancies (no matter how leases are staggered) increases.