How do you measure the real strength of a real estate portfolio beyond just “ROI”?

I have been thinking about how investors compare real estate portfolios in a more serious way, similar to how stock investors look beyond simple returns and use metrics like Sharpe ratio, volatility, drawdown, dividend yield, beta, etc. In real estate, most people casually talk about “capital appreciation” or “rental income”, but I feel that does not give the full picture. Two investors can both make 8% rental yield, but one may be over-leveraged, exposed to vacancy risk, paying high service cha