However, the saving grace there is the rise of the neighborhood values. 

I did a you tube video about this and cases that get thrown out of court due to logs being being accurate enough, vague, time inflated, ect Your GC time and Engineer studying time don't qualify I would think- Again it has to be directly time on your rentals. 

Rising property taxes have been on my mind too as a new landlord and with Chicago re-assessing 2021.

If the market tightens and vacancy rises this could be a real issue for some of these folks. 

Don’t apply inflation rates across the board.

Don’t apply inflation rates across the board.

Likewise, in a nearby suburb in which we also operate, active listings have dropped 24% since 1Q 2020.DemandThere are all kinds of statistics and analytics out there suggesting that STR demand has returned, but here’s one that I can guarantee you is 100% true and unbiased: our 14 units have been at 93% occupancy for the past two months, and prices are on the rise too.According to PriceLabs, a dynamic pricing tool for STRs, new bookings in North America have returned to pre-COVID levels, and according to STR Profit Academy, Airbnb saw more nights booked for US listings between May 17 and June 3 than the same period in 2019.

From what I understand, California's market is already over inflated (opinion) which increases the risk of being underwater if unemployment causes an economic collapse.

And as prices rise in Fayetteville, I imagine some of the locals here will sell and split to one of the cheaper areas outside of the city.

You lose to inflation.