Perhaps buy in more than one to hedge inflation and diversify.  

As WAGE INFLATION happens, which YES it is happening right NOW, this is the beginning of wage inflation.

This strategy allows you to keep your return above the inflation rate, zero risk of principle loss, and still have dry powder that turns over every 90 days for a buying opportunity.4.

The inflation fight is no longer the agenda.

The cost may be inflated AND the premium you pay the PM to manage the repair isn't part of what the tenant owes really.

Sellers with inflated prices are not really motivated.

Someone who is licensed cared enough to go through the process to become licensed and they are more likely to show up every day and do what they are supposed to do.I wouldn't ever tell a contractor what I paid for a property - just none of his concern, but him knowing that shouldn't change his estimate unless he thinks there might be something wrong with the property and he is inflating his estimate to cover possible unknowns.

Also, think about the value of your cash flow now will not be equivalent with the same value in 5,10 years etc. due to inflation.

For example, I assume that I need $800/year or HVAC, every year for the life of the property (adjusting for inflation over time).

I think 3% is reasonable but you HAVE to keep up with inflation these days.