Yes, sounds like you’re making all the right considerations. The only other thing I’d keep in mind is that in the same way you’re worried about rents going up, the values of properties stand a good chance of continuing to go down, and even if you get a deal, the price could fall below what you paid in either nominal or real dollars over the next five years.

The best thing you can probably do is run a couple of reasonable scenarios based on the actual price of the property you’re interested in and just make sure you’re comfortable with the potential outcomes.