Levered:
A levered property means it was purchased with a mortgage
Arrived uses leverage conservatively, generally 50-70%, interest only, etc
More volatile returns - appreciate potential is higher, but the risk of loss is higher
levered no recourse to investors
Meaning appreciation potential is higher, but the risk of loss is higher
Non levered:
Does not include a mortgage
Typically more stable, consistent, anticipated returns do not fluctuate as quickly
Unlevered is more stable/consistent and won't go up as fast or down as fast