Well, of course you do "care" but it has no effect on you.

The decision you make will effect you for years to come.

Does age of building have an effect on the cap rate?  

Currently financial figures are as follows:Mortgage: $2200HOA: $550Monthly Property Tax: $600Maintenance: $50-100Total Monthly Cost: ~$3400 / month Rental income generates around $1400 a month leaving me with an "effective" monthly payment of $2000.

Will see which is the most cost effective option.

It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.Make sure your property manager is a licensed real estate brokerage.Google Clayton Morris and/or Morris Invest for a cautionary tale of what not to do when buying turnkey real estateUnderstand you can not eliminate all risk, only mitigate it.

Not all mortgage banks are fully honoring the new VA loan rules that came into effect 9 days ago.

Meaning, Westcliff, TCU, and Fairmount all fit a "up and coming" description but those are not investor friendly neighborhoods because you will not rent them as effectively as other neighborhoods. 

If so it probably wouldn't effect the value all that much.

I looked at the link you provided, and I didn't see that all foreign properties are subject to the ADS . . . what I saw was 'Any property imported from a foreign country for which an Executive Order is in effect because the country maintains trade restrictions or engages in other discriminatory acts.'