It does! I just modeled out a simple 6-plex purchase. One model was a traditional deal with 70% LTV, the second was an all cash buy with a loan taken out immediately after purchase, 2/3 of the proceeds to establish a Bitcoin treasury and the rest to use as working capital for upgrades. After stabilizing rents I’d use some of the BTC to pay off the loan. And I assumed an extremely conservative 10% CAGR for the BTC growth. The IRR and cash on cash return were both about 2% higher in the bitcoin version.