I think that there is no reason to invest on ICO that is connected to real estate, when you can just invest directly in real estate.

Those ICO most likely are trading on a bubble price, they usually represent a purchase group( group of people who can't afford buying the real estate alone, so they join into group and buy it together).

Sometimes you don't know who controls the real estate the group purchased, and when the only income you get is from renting the asset, the group organizer(in this case, ICO organizer), can just run out with the money after few months.

Also, it's hard to determine whether the real estate exists or you are just being fooled.