And when you are truly reserving for full capex on rentals, you will barely be breaking even.  

But if you look at my tax return, all my properties are losing money or barely earning anything, so I pay very little in taxes.The returns show that Trump is able to earn hundreds of millions but the money is mostly sheltered from taxes through legal deductions designed to incentive real estate investors.If you don't understand the tax benefits associated with real estate investing, start learning! 

I barely stayed afloat and it cost me my marraige.

I was cited by the city for an illegal unit, and they want me to take down the unit to it's bare walls, and if I want anything built there, submit plans and start from scratch.

It isn't always possible...some of the best 1 or 2-man contractors barely put anything in writing and they do great work.  

K&T used rubber insulation which by now is likely to have degraded, causing bare wire to become exposed to air and moisture, increasing the chance of a short or a fire.

Quote from @Matt Solis: Most deals on the MLS that don’t need work and are rent ready are gonna break even at best.

A Lot of the info above is reflective of what our experience has shown the market to bare out.

Do bare land and not houses.  

Our portfolio (I'm in JC) has barely budged the last 2 years because most anything that can be value-add has already been sucked up.