Generally true, but there are a lot of reasons for exceptions. For example, I have a penthouse unit in a quite rundown industrial neighbourhood. But it has been rented out at a very high rental price because its the only large unit in the neighbourhood and renovated to luxury standards. While most of the tenants in my building are factory workers, one of the C-suites rents my unit.

Again I do not say you are wrong. But I just want to highlight that unlike stocks where the pricing is quite standard, Real estate prices have many exceptions which can be taken advantage of to beat the market.