There are so many factors that can impact throughput, signal coverage is only one of them.   

So when I google Real Estate Income Statement, none of them have depreciation or taxes on the them, like a normally company would.So where the heck is this factored in? 

Your thoughts align with what I've read and heard from other folks as well.I found a local Bay Area REI group here on BP by searching for events in my area.They meet every 1st Wednesday of the month at a downtown SF hotel.

But that "Condo Conversion" would be depending on many other factor. 

depends on where it is.. how much your paying and what you want to do with it. for instance in SC  tax sales take for ever to clear title.. so if I could buy say an old dump there in a historic gentrifying area .. for peanuts and just rent it right away and did not need to get a loan or sell it.. 

Seeing this everyday I'm sure was a factor in my friends' brothers' delilberate demise.The renters helped me clean and paint beginning a few days before finishing yesterday. 

Could you rent your primary residence out if your job situation or other personal factors forced a move and have cash-flow? 

That sounds good until you factor in dealing with 15 different low income families , 15 hot water heaters , 15 roofs , property tax and water bills .

The tenants will not stay at your place forever.

I know vacancy is a function of hundreds of factors, but in general, a property in close proximity to Ohio Stadium, downtown, the Convention Center, etc, - what is a conservative overall vacancy estimate for the year when used as an Air BnB type rental?