Right, I'm looking at it as one component of an overall cash flow & asset portfolio. It's easy to construct a scenario where it doesn't pay off - deflation that

Right, I'm looking at it as one component of an overall cash flow & asset portfolio. It's easy to construct a scenario where it doesn't pay off - deflation that hits incomes, house prices, and rents is an easy one. But, as one component of an overall portfolio it has certain characteristics that help you hedge other risks you're exposed to in a way that not a lot of other asset classes can. This still requires that it isn't "too" expensive even given those other benefits.