. • A population exceeding 1M will have sufficient historical data so you can evaluate trends.

Historically there is a terrible relationship between initial cash flow and long term cash flow.  

So Cal market is very different from a majority of markets in the US.Here are some of my thoughts:VA loan I believe implies house hack.Appreciation has historically created wealth while cash flow is used to pay the bills. 

Was the massive loss of life taken into account when figuring out historical wages?

All the above 'just math' you describe are valid, if you rephrased your post to say 'Guaranteed Historical 21% Annual Appreciation'

@Richard Mace virtually anyone that bought anything in 2008-2012 has made a killing as prices were at all time historic lows after the crash.

Historically, that’s why syndications have a pretty spotty reputation in the industry.

I'm not going to do that here, but I am going to tell you how I am viewing the current RE landscape.Interest rates continue to be at historical lows.  

And what they did prevent was the ridiculous wealth gap we now see and enabled huge investments in infrastructure (like the entire interstate, railroads, electrification, telecommunications etc etc) that we still rely on today.For all the whining about changes in tax policy for real estate or capital gains, there is no historical evidence to suggest it will dramatically change the trajectory of the market. 

Historically, the stock market can give a 7% return per year.