I think landlords make 10% to 20% net profit plus 4% increase in property value YOY on average. Maybe drop that down with a few percentage points with a property manager. Still better than s and p 500 index fund over time.
Cap rates are around 4-6%. Only people buying right now are parking money hoping for appreciation, not cash flow.
that's pushing as good as s&p 500 index fund.
then factor in you have more control over the asset than being at the whims of CEOs and boards of directors.
There is the potential for lots of sleepless nights and stress. Also, you may need to contribute capital unexpectedly if repairs are needed or vacancy is higher than expected.
The last few years in multifamily are NOT normal. Appreciation and rent growth are not straight lines up and the rough times can be very rough indeed. But, history tells us that if you can hold and maintain a property for at least 7 years, you should not lose money.