@Richard Yoo what Class if your property - A, B, C or D?

Often they are C or D markets and you will have a really hard time finding good tenants.

While a Class A property won't cash flow like a C or D, you'll have more stable tenants and less maintenance issues.

.- That corporate earnings will grow as unemployment rises, as tariffs hit, and as there is little/no inflation.That is possible, but not a combination I am willing to bet on. 

***Only exception is if an owner has plan & funds to reposition Class D to Class C or higher.https://www.biggerpockets.com/forums/776/topics/960183-what-they-dont-tell-you-about-cheap-rental-properties?

Just to add, watch our for lower quality neighborhoods.Your criteria might lead you to C or D-class neighborhoods. 

However, for me, the NOI on a property does not compare to making a smart bet on investment in appreciation.

However, in my class C or Bs, if I do section 8 I require from 600 to 640.

If there are not complaints from his Tribe then not much will happen I bet on the regulatory side of things. 

They rent a multi BR typically not in great shape in a class C or D area and fill to maximum allowed occupancy (2 * BR + 1).