The numbers may look skinny right now (for Milwaukee standards), but as real estate goes a few years later rants will have gone up, rates probably come down again and the bottom line look much different.And I am long on cash and really need more depreciation, so that puts me in a spot where I can either buy an expensive property at rates that are higher than I like or give my money to the IRS and to inflation.

Most people on BP only share their gross income, not their net, so declared income is inflated.

The maximum you can raise rent in a one year duration is 5% plus local inflation rate. 

Or hold the property because of the good interest rate that's lower than inflation.

Just looking at several indicators, we're seeing low inventory across the board, inflation around the corner, interest rates staying low, people going back to work...

Also, suppose I only plan on holding on to the the home for 10 yrs, I wont be paying myself back in full and soley relying on inflation which isn't guaranteed.

The pandemic, inflation, and uncertainty has caused assets including real estate inflated.I feel like the sexy thing to do in 2021 is to be a real estate investor.

My wife and I took advantage of these current inflated values to get our line set-up on today's values.

Locking people in their homes, cancelling evictions, halting foreclosures, artificially low interest rates, and the extreme likelihood of inflation have driven residential real estate prices higher in many areas. 

Not sure what rent numbers you are using, and, most comperables reflect the past; not present or inflated future.