A few things to think about:
-Going this route will put a lot (100%?) of your net worth in real estate. You will be very undiversified in that sense, and future downturns in the real estate market would hit you particularly hard.
-I think your number for the historical appreciation of real estate is quite high. The number I have heard is 5-6% a year, which ekes out only a few percent over inflation.
-Are you considering maintenance on the condos in your estimates?
-Are you including 2-3 months a year vacancy in your estimates?
-Are you including property taxes in your estimates?
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