I always see appreciation as a bonus.

I was able to get a new job, back in CA, at a 50% raise in pay and bonus in a month.   

They are paying 17.50 an hour PLUS a 1650 sign on bonus.

We were able to get above $50 more per month on the rent to start with so that was a added bonus to the cash flow.

As mentioned before returns at the end of 20% over 5 years, doubling your money in that period seems pretty good (COC 20% over 5 years said in other way)... the big advantage I find is in scalability, segregation, bonus depreciation and being passive... however if you are active I tend to believe SFH are for better COC return; just as an example: SFH off market at 140k + 20K repairs; appraisal at 200K; immediate refinance of 140k; so I have left 20K in the deal and now gained in equity 40k.

If you buy at the right time, you'll get a bonus.

To me that is much more likely to be successful than trying to convince someone 1800 miles away that when he does a good renovation job I will pay him a bonus - in about 5-7 months.

you are welcome ...Most LOA positions will pay a salary + bonus  so this allows you an income to " survive " as  you are learning the position and the industry 

Does this include bonus depreciation?

Not only are they built specifically for pulling STR data (and not just an add on bonus), but the algorithm is constantly changing which helps to make the data more accurate.