You've got this wrong because you're thinking about stable states, not state transitions.

1) "Multiple" here is wrong. What is the time when you own two houses? Well, when you're moving! You buy one, then you sell the other. During that time, you own two houses. That's multiple. Study the hermit crab.

2) Your three percent cap means that property renovation, repair, expansion, and so on is completely doomed. Why didn't you think of that?

This stuff is complex. It requires some careful, thoughtful approaches.