When we had an appreciating market, high inflation, low unemployment, extremely low interest rates, obvious relocation patterns (especially during covid), there was so much room for error.

If a RE value increases at the rate of inflation, you have no gain from appreciation in inflation adjusted dollars without leverage.  

And while that depreciation may be disguised by inflation, or area price increases, money does need to be spend as systems such as HVAC need replacement, roofs need to be replaced, and capital expenditures such as kitchen remodeling are needed for the asset to be rented at a profitable rental rate.

Own hard assets that beat inflation.

Inflation is hitting hard . 

We had a LOW inflation report today (7/11/24), big win!!

US 10 year Treasury yields tumbled (by nearly 10 basis points today and counting..) with the latest inflation metrics showing a dip last month indicating the Federal Reserve could start to lower interest rates this year with a now 80% chance of a September rate cut. 

My operating assumption for our own investing is that this will happen again over the next 10 years.Technically you'd have to net out inflation and look at wage growth.

The characteristics defined by the location include:Total capital required: If you can grow your portfolio using accumulated equity by cash-out refinancing, which is only possible in areas with high appreciation, you'll need considerably less capital from your savings.Inflation protection: Whether rents outpace inflation, enabling you to sustain your lifestyle indefinitely, only occurs in cities with significant and sustained population growth.Income persistence: How long your income will last.

Or, just didn't worry about inflation and just adjusted your CapEx numbers as the years went by?