The exception being if you are investing for appreciation over time or wealth growth (both would be included in your IRR calculation though).

My primary objective is income but with upward potential in terms of growth.

The best market throughout the US with the lowest active management costs, trending upwards for employment and population growth, low property taxes and insurance and high rent by ratio with high cap rate would have to be Jacksonville, FL.

In a sense, you get the best of both worlds, the safety and ease of cash when you need it and the growth potential of leverage when it makes sense.

Once there is growth again the dollar will drop.

The best market throughout the US with the lowest active management costs, trending upwards for employment and population growth, low property taxes and insurance and high rent by ratio with high cap rate would have to be Jacksonville, FL....

The best market throughout the US with the lowest active management costs, trending upwards for employment and population growth, low property taxes and insurance and high rent by ratio with high cap rate would have to be Jacksonville, FL. you can pm me for more info..

I'm currently in the aggressive growth stage of building my portfolio and have extensive experience in real estate (as an investor and a commercial real estate investment banker).  

The best market throughout the US with the lowest active management costs, trending upwards for employment and population growth, low property taxes and insurance and high rent by ratio with high cap rate would have to be Jacksonville, FL. you can PM for more info

If so I wouldn't focus too much on the appreciation growth, but 3% rent increase is a pretty good assumption (many salaries increase 3% each year so people can afford that increase).Lastly if the numbers don't work don't rely on increases to cash flow.