Last year when SP500 falls 20 percent, my total portfolio that consists of lots of dividend rich ETF,MLP, and CEF ; is flat.it has market gain something like -15% from equity valuation , but because it has high dividend yield above 8 percent , my dividend gain return is like +16% so my total return is like flat.this is sample of when appreciation declining , cash flow can help.when people says appreciation is gambling it just means whoever say this doesn’t understand math.wppreciation is not gambling.it is product of supply and demand ratio …., I researched this a lot.highest 5% appreciation happened when demand outpace supply by factor of 3.while 0 percent appreciation just means there are equal demand and supply in the market …there is a way to measure that. 

Over time, assets appreciate, and fiat currency declines in purchasing power. 

I am fairly convinced that multi-unit properties are on the decline and will argue and say that I can't find one property in the U.S. that makes sense and certainly would not do a syndicated deal.About 9 months ago, I purchased a dumpy 6-unit property for $291,000 per unit and the gross income is about $126,000.A few months ago, a cocky and arrogant broker was demanding $2,850,000 for a 10-unit in Torrance California and the property needs about $300k for rehabbing that has to be commenced, immediately.

The cash flow seems to be declining as I see purchase prices rise to the point that rent plus maintenance/cap ex is netting little cash flow, is break even, or in some cases (appreciation speculation) is upside down. 

I asked i'm what he thought was the best, most straight forward path forward and he declined to offer a solution.   

When the market is hot, finding great deals becomes harder, margins and rates of return decline.

Erin,Based on this market and the possibilities of a property value decline as a possible outcome.

Since I received those bills after I left them, I declined to pay for them, and I received a demand letter from property management.Is anyone have been in a similar situation?

Gateway and primarily markets (NYC, Boston, LA, etc) tend to generate the majority of their return from growth, not from yield.Secondary and tertiary markets tend to generate a more balanced return generated from yield and growth.In markets with declining populations or are in rough areas may generate most of their return from yield and may have very little chance for growth.All three of these scenarios have the potential to generate similar total return andI IRRmetrics. 

We can step in on asset based lending where other lenders decline the borrower because it does not fit in their buybox.