The lost profits in one year of adding value and/or generating cash flow (plus principal reduction) can offset a substantial decline in value. 

However,  the stability and risk reduction as a newbie wasn't all bad. 

Price:                                                            $410,000 Average Rent per Unit:                              $459 Gross Operating Income (5% vacancy): $57,513 Estimated expenses:                                 $28,429 Net Operating Income:                             $29,084 Current CAP:                                               7.1%Loan Payments (5.41% interest, 25-yr am, 75% LTV): ($22,462)Pre-Tax Cash Flow:                                     $6,503         (= 6.3% cash-on-cash)Post-tax Return incl. principal reduction: $10,941    (=10.7%)ExpensesProperty taxes              $8,251 Insurance                       $2,500 Gas and electric            $3,240 Rubbish/water/sewer  $4,068 Management (8%)        $4,843 Maint.

Just because there are not bidding wars and more price reductions does not mean the market is going down towards being buyer friendly. 

If political power shifts in 2020, reduction in military spending is guaranteed - doesn't mean base closure but there is risk.

., a reduction in property taxes.Should private citizens who own apartment buildings, be held responsible for paying for housing subsidies?

If we take out $500 for principal reduction that’s $1,500/mo or $18,000/yr I am paying for this “great” investment w/o including maintenance, upgrades, any home projects.

Because of modern water management and reduction of agricultural use Phoenix uses the same amount of water today as it did in the 1950s when the population was 1/10 of what it is today.I’d be more concerned about the heat.

Borrowers who are furloughed/unemployed/reduced hours due to covid is a challenge to fit into the Fannie Freddie loan product as workers who have a reduction in income or loss of job are seen as higher risk or repaying the loan.

Had two great set of tenants during the 5 years, and they contributed hugely to my mortgage principal reduction.