The chart below might give you a good perspective. 

Other charts, graphs and information from some big real estate players makes sense that real estate will not take a big hit during the next recession.

All it takes is a wild hair and you are dealing with nothing but pain and misery.

Here is a chart showing of a tenant applicant based on credit score and based on income to rent ratio:

I have paid my hair dresser's rent twice and they are not my tenant. 

That same $100,000 investment in the S&P 500 would be worth $255,000 on March 1, 2017, as illustrated in the chart below.                  

Leave it perfect clean, not a hair, not a bit of crumb, it has to be perfect every time. 

QuickBooks adds this to you automatically when you do this through the Fixed Asset Account in your Chart of Accounts and by listing your expenses as a sub-account. 

You will see that there are short periods of depreciation (typically less than 5 years) but in general the chart will show ever increasing RE prices.  5) Do not fully discount equity pay down. 

Again my concern is using funds to their optimal potential, sometimes that involves some hair splitting.