To that degree, other asset classes do similar types of quick calculations to make sense out of the data.

Response rates vary depending upon the piece I send and how many times I have hit the prospect.

I also have an accounting degree.

BTW, I don't include property appreciation in any of my calculations because 1) it varies 2) it will likely be offset by capital expenditures, which also vary.

I have a Bachelors of Science in Finance, limited work experience in real estate, and a Masters degree in an unrelated industry.

And I have a clause in my lease that states tenant agrees to keep heat on at no less than 58 degrees in cold weather to avoid the idiots who go on vacation in winter and turn the heat off.  

In the future, I'm planning to go for my master's degree so I'm going to be pretty busy with that.

The market varies too much, sometimes even from one street to the next.

The important part is to do it when it isn't 100+ degrees outside.

So yes, I concur that some degree of capital is needed but not a whole lot.