Historically, an average of 28-30% in recent years would have been considered normal.

Historic rents must rise faster than inflationThis is the single most important factor.

We have seen a cash-flow anamomy 2010-2020, but that's over and we are back to what is historically normal: real estate is not very good at cash flow.

Professional inspection reports can prove that the building is well-maintained and structurally sound.Consider working with an independent agent or a broker who specializes in multi-family and historic properties.

Part of that also has to do with the current season, which is not the best time historically to list the property for rent or sale.

As importantly -those that purchased in the past three years (like me) and could qualify at higher rates - will refinance and REDUCE their housing obligations while equity rich owners - sell and reinvest.We expect more of a K-Shaped housing market: Entry level homes will be more competitive as fewer buyers will qualify (or struggle to meet obligations) as valuations climb but at the higher end of the market range - demand for diversification of prime assets will accelerate.Asset prices are all up: equities, precious metals, commodities, crypto and those invested have historical liquidity.

This caused a historically unique opportunity for investors - they could buy Class A properties and immediately cashflow when renting them out.This couldn't last forever, and it didn't, as excited new investors drove up prices.

General Ledgers / Historical Capex: Ask for a full history of all major capital expenditures that have been made at the property during the owner's (and if available - prior owners') ownership term.

Some of our markets that have historically been closed to the tri-county area are opening up capacity which is encouraging to see. 

I agree that leverage + appreciation that real estate offers is a better investment than index funds if we assume historical averages for both.