The cash flow seems to be declining as I see purchase prices rise to the point that rent plus maintenance/cap ex is netting little cash flow, is break even, or in some cases (appreciation speculation) is upside down. 

I've always said I'm an investor not a speculator.

Some investors will buy a property in a neighborhood they think will improve, hoping for property values to increase--this is called speculation.

Court will not care, I am not speculating.  

Crash canceled, aside from a few pockets with over-saturated vacation rental speculators or insurance issues, like Florida. 

DONT INVEST FOR APPRECIATION  that's speculating etc etc. 

Not speculations on percents and ratios.

Buying just for capital gains is pure speculation.

Seems as though the deal is very speculative and depends heavily on continued trends of appreciation and tenants willing to pay continuously fast increasing rates of rent over the next 5 years to cover improvements costs and dividend payouts to lenders.  

Everything else is speculation.