You don't on the other hand have the "luxury" of doing a BRRRR  

A/c is luxury in Illinois as well as hot water...not a necessity.

It is not a luxury here but EXPECTED in GA.My wife's family is from Massachusetts and there it is a different story.

We renovated our whole house and put a lot of money into it, our house is considered a luxury rental, so I am a little nervous renting to renters with such a large dog (Mastif).  

Take a look at the many new student high-rises in Ann Arbor--very, very luxurious and pricey (do a search on M live.com  for her stories about these developments). 

The units were renovated to compete with luxury apartment complexes nearby. where many college students are renting.

I've yet to get a taker, but as I add more luxury features to the unit, I'm able to move up the ladder.Stay tuned and thanks so much for your input.

That is the luxury of being a tenant. you can live anywhere.

My daily driver is an Acura which is a pretty inconspicuous luxury car. 

So, while some areas need to wait until the rent can be increased to justify the purchase...and eventually cashflow, I'm cash flowing (i.e....ahead with respect to cash...my cash) from the beginning and raisingthe rent is a luxury...which I can still do.