To answer your question yes market conditions in the past have played a huge role in the success of many deals.

I'm not an accountant and don't play one on TV.

I think we’re more interested in cash flow over an appreciation play, mainly as a way to diversify our FIRE strategy. 

We, the people who made our CEO’s millions, deserve the praise and appropriate compensation for busting our asses 40 to 80 hours a week, so that they could go play golf and write it off as a business meeting.I chose a few years back to convert my time to fixing the problems that I care most about, instead of helping build up the people who treat 80% of us as an expendable resource.

At the same started doing small deals (duplex, triplex, 6 units, etc where I could execute a heavy rehab / value add play).2012: Bought my first bigger deal at 35 units with one $$ money partner already in my network.2014: Syndicated a 60 unit deal and never looked back.

Most rental properties owners/lanlords intend to sell sometime before they die- so time does play into the irs intention for LTGs. 

You're losing money each month before you even factor in Vacancy, Repairs, CapEx, or Management.It's one thing to make an appreciation play when you have 20 years experience and a few hundred cash-flowing doors under your belt.

DTI will come into play.

I used to find myself playing little games like "well, if I can lower the interest rate by 0.5%, this property would be in the black monthly".

Doesn't debt to income come into play with refinancing?