Legal descriptions in those states can rely on the old apple tree on farmer Brown's property as a boundary. 

Thanks for trying to keep it apples and apples.May I comment:  what about dividend compounding on the S&P ETF? 

Unfortunately a few bad apples ruin it for the bunch.

Would you buy Apple at $300/share if the market is going in the mid 180s/share?

It's all about getting the right tenant in there, a bad apple can cause you trouble but it goes with the territory, that's how you learn, by doing.

Every group is going to have bad apples, regardless of their race, religion, gender, socio-economic status, etc.  

I agree with @Mario Dattilo and Roger D Jones.I think the only thing that I would draw emphasis on is what Mario said because unless it has a separate tax ID number it is not an apples-to-apples comparable.

The cap rate is just a measure designed to give an apples-to-apples comparison across deals.

Apples and oranges.

If you want an apple tree, you have to wait some years for the fruit.