[jgr447]

Any data supporting the appreciation of 4% a year?

This seems socially much more acceptable to taking a loan and then invest the money in stocks for example, but to me is not that different.

True the volatility is much lower, but so is the liquidity if you have to dispose of the propery in a short time due to life circumstances.

If this is a single property and plan is to be the bulk of one's net worth it seems risky to me.

Then there's the "dealing with tenants" variable which can be none to a ton of work/hassle.

REITs are imho an interesting way to get rental income with less hassle and much more diversification if you can stomach the stock price moving up and down.

Look at Vanguard VNQ for example.