Real Estate Investing can be an exciting and rewarding venture, offering the potential for significant financial returns and the opportunity to create wealth over time.

Also -without an in service rental, you have no schedule on your tax return on which to deduct those expenses. 

Someone trying to earn 4-5% return they could get from a bank cd?

Most people are refinancing a BRRR because they are in short term debt (like 12 month hard money used for purchase +rehab financing) or own the property free and clear (they bought all cash) and would get a higher return on equity by leveraging the property and reinvesting the cash out proceeds of the loan to scale the portfolio. 

If you’re looking for short-term cash flow, you might need to explore nearby markets with lower entry costs and higher cash-on-cash returns, even if they aren’t as familiar to you.

-LTR we have 60 days to return the SD. 

This included some landmark deals including Rockefeller Center’s $3.5B loan and Miami Beach’s Fontainebleau $1.2B refinancingAlternative lenders filling traditional banking gaps with short-term solutions which has already begun a cycle of consolidation that will likely continue and accelerate in 2025The Office Sector Divide:CBD property values are down 50.7% from 2021 peaksClass A office properties seem to be in their own vacuum of prosperity with trophy properties commanding premium rents ($100+ PSF nationally, up to $247 in top markets) with strong occupancyHybrid work continues impacting older building valuations which have not faired as well, but this may begin to rebalance as more companies are instituting mandates to return to physical officesChallenges & Opportunities:$1 trillion in loans maturing by 2026Interest rates up from 3.5% (2021) to 6.74% (2024)Experts such as AEW’s Michael Acton and Blackstone’s Nadeem Meghji see the best entry point in the last 15–20 years and we agreeMarket Outlook:Current market conditions present unique opportunities, with inflation-adjusted prices at historic lows and yields at decade highs.

They can return the dryer and purchase a gas one. 

And the values like all rentals will just track the rental rates and what an investor is willing to pay for a return.

Those rates would be low in my area by half .I do service work , the clock starts ticking when the truck leaves the shop and doesnt stop until the truck and men return .