The first time they approached me, I sent the rep my buy criteria out of curiosity and they sent me some properties, which were wildly over-priced and badly comped, with inflated ARVs and unrealistic rehab estimates.

Those that send deals with inflated ARVs, depressed rehab budgets, and high-pressure-self-serving terms (which is 98% of the ones that come across my desk) stay where they started . . . in the trust muck-and-mire.

If we have 3% rent growth every year, then we are beating inflation.

The communists would rather put the burden of affordable housing on the backs of property owners, than work on solutions that increase supply to meet the increase in demand.Like typical Communists they are only fooling their constituents and the dumbest of themselves to believe that 5% increase in rent + inflation rate, capped at 10% is actually a rent control.

Inflated comps, bare minimum rehab budgets, inflated rental rates, etc.

Rents are inflated in the area due to the college.

Thanks @Jimmy O'Connor, @Sam Bapasola - at least I now know the charges are not inflated.

If you have vintage leases with inflated rents at a so called higher cap rate then if tenant leaves the second generational tenant will likely not pay that lease rate so you have an immediate cap rate drop on income based on what you originally paid. 

Good take home points on taking tax deductions and inflation into account as well. 

Zero appreciation markets (appreciation below inflation) implies that the return decreases in real dollars as the property is held.