I have decided that my skills lie in spreadsheets, analysis, and careful due diligence and thus I arrived at the conclusion that I should start my career as a real estate developer/investor.I recently loaded up my Kindle with books and bought a ticket to Costa Rica where I will spend most of my time working on organic farms or in hotel resorts, photographing the multitude of species of reptiles and amphibians and ravenously devouring real estate knowledge.  

(Tip: For an investor, it may cost a lot of money and/or time for an engineer to "CYA" on this one.

If you want to assume the appreciation as being similar to your stock options, that could be true but your stock options come with no added cost,  My appreciation comes with a cost, a negative, one in the form of negative CF. 

.- First eviction experience- Another 60 days- Tenants trashed unti- Called Contractor #3 to fix issues- Cost a few thousand dollars- Finally rented out the place to great tenants- Decided Real Estate was not for me and was going to sell property.- Found a Real Estate Agent- Listed Property- Crickets chirped for weeks- No Return Calls- Fired Real Estate Agent- Hired Real Estate Agent #2- See Real Estate Agent Experience #1- Decided to sell property myself- SOLD!!!!

Costa Rica or Panama baby...

But other times it can cost a lot.

here are the factors that can kill many deals when the prices are lowVacancies and overall undesirable areaRehabs needed and condition - could cost a ton (structural , roof , overall guts of house needing repair, etc)Taxes,  Property taxes can be brutal and eat up so much cash flowWater bills and utilitiesInsurances that are required etc. 

You could fix the couple of little things that won't cost a ton, strategize your photos and relist as new.

If not, can cost a fair amount.

It cost a lot more to cool than to heat.I appreciate your prospective on the 50% and I am not attempting to discredit it.