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I never count on rents to go up or appreciation, but it is a nice bonus. With multiple rental properties, you are also paying down the loans on three properties, which increase your returns as well.
When you think of the tax savings, possible appreciation and equity pay down the returns shoot through roof. What are the downsides to buying more rental business loan with no personal guarantee with loans. There is a downside to more properties. You will have to pay more for repairs and improvements since each property will need repairs, not just one.
You will also have three rental properties to manage instead of one. However, if you are able to cash flow 400 or more with a mortgage, you will still be way ahead of the game by leveraging your money. You will also have more total cash flow coming in, which can pay for a property manager. We accounted for the repairs and maintenance when we figured the cash flow, so it wont be an added expense with more properties, but it will be more work if you manage the properties yourself.