It just they have not figure out the 20 year period total return.
Assuming we will muddle through this recession for long period of time, the total return will be eaten up by increased tax, insurance, HOA, repair and rennovation, maintenance, management, etc.
I'd bet most people have only been landlords for very short time, less than ten years. As this business extends, the cost of running this business increases. If people have patience, if running business does not wear them out, it may return some thing.
One other important factor, investors have not add their labor back into the calculation. Suppose their business management salary is $10k per year, it has to be deducted from the yearly return, IMHO.
