In reality they are simply further duration away.  

In the lounge at work, the nurses always have on those reality house-flip shows, and honestly they just annoy me...

The vast majority of these sellers, in my experience, end up never doing the work and when you call them back 6 months later the reality has set in they will never be able to get their house in listable condition.

The reality is some of the people getting in on an appreciating market will get in too late, lose equity, maybe not have the means to withstand a down market or do not have the stomach to withstand loosing much of their equity, and sell during the down turn often at a loss. 

In reality, each of these homes will likely need work to sell retail again.

In reality the more time I spent driving the city and speaking with local experts the more I learned I was not fully prepared with enough knowledge. 

Hope Davis with reality  executives.Tell her BJ Singletary sent you her way.

Look up Neighborhood Reality of McDonough GA.

Yes, they should always be teaching you by explaining by don't send a million emails asking a question about everything you think is wrong when in reality that's how it should be.

If you are financing, then cap rate is fine as a measure of comparison among your potential deals, but doesn't tell you much about the reality of the cash-flow once you own.