#1) it doesn't pay any dividends like stocks
With time, I only can say about the past, Bitcoin value and price grew up more, and if it repeats like this in future, you don't need to get bitcoin dividend like stock dividend to grow up your portfolio value.
Holding your bitcoin, Bitcoin will help you richer.
Just read this reminder and practice it as advised
Do not keep your money in online accounts#2) risk of extended drawdowns which could cause loss of principal unlike in a real estate investment where the property only goes up in value
Both Bitcoin and real estates grow up in price, it's harder to say about their values.
You missed important differences between Bitcoin and real estates. Your bitcoin is intact, undamaged with time while your real estates will be damaged with time, physical things like air, rain, sun, erosion and more. One more difference is, rate of new built real estates is higher than rate of new bitcoins will be released with future Bitcoin blocks.
#3) unfavorable tax treatment since it cannot be depreciated like many types of assets can be when used for business purposes
In many countries, you have clear guides on Income tax and Capital gain tax. The Capital gain tax is the same for stocks and Bitcoin as I know in countries that have rules on it.