Say a $100k will generate 5% profit, $5000 in a year.

But as far as cash flow all my rent increases were eaten up by the increase in property taxes as the value rose, so it's a myth to say a turd can get better with time. 3% return now could be 3% in 20 years.

Thank you @Lora Stone for sharing the info along with the photos that you took of their factory (pictures say a thousand words).  

when you say a 8 - 13% return are you talking cash on cash in the first year?

The monthly variation in ACTUAL cash flow is part of the risk that allows us to demand a proportionally higher return from our investment than say a physical bond with a defined coupon rate.  

My point was that what if for reasons such as say....a pandemic,  that you are unable to collect rent for a year.

You don't need an economics degree to see that rates and values are rapidly increasing.Read our data expert @Dave Meyer's take on it here" https://www.biggerpockets.com/...While it's likely many of us would say "as long as I'm getting cashflow, appreciation,... fill in the blank", I'll continue to invest, others may not feel the same.

I wont say a " Grand Slam " , but more like base hits all day long pushing in the runs . 

Quick example showing 10% reserve:A - Cheap rental, $500 rent per month, $50 per month for CapEx.B - Expensive rental, $5,000 rent per month, $500 per month for CapEx.Lets say a water heater goes out and needs to be replaced. 

I did ask about this renewal feature to see what could increase or decrease its chances, but short to say as long as you're paying on time he felt they'd be able to renew.