I just bought 2 investment properties in Canada, both of which exceed the 1% rule, although I like one of them so much, I'm just going to keep it for personal use.
However, those were very rare, extremely lucky, well timed deals, both in markets far from my primary residence, and it would be extremely difficult to pull off again.
Very good real estate deals do exist, but they are the rare exception here, not the rule, and you really want to know your markets and the driving forces behind them.
I also bought in locations where I may want to relocate and the main purpose of buying property was to prevent being priced out in the future. So there was a major lifestyle motivator as well.
Lastly, the markets were bonkers high last year when I bought. So was the housing market, but as I said, I found exceptional deals that only worked out because sales fell apart on financing and I snagged absurd prices from freaked out sellers who should have waited, but didn't.
Right now??? With house prices and interest rates as they are and so, so many people dumping their problem properties into the market? N'ah, I would be index funds all the way. No question.