Without leverage, real estate gets less interesting. You can buy a stock index or REIT to get similar returns with no liability and no hard work.
Maybe a good strategy to buy RE with a mortgage when you are younger and become debt free in 30 years. After that, you can’t sell due to capital gains tax. So you hold the property clear and free solely for the purpose of avoiding capital gains tax.
Now I understand when people say stock is better than RE. If buying with 100% cash, I may choose stock instead