Nope not at all, still getting them at about 65% all in , of the ARV with never less then 15- 25% net caps.

Appraisal assigned a 6.5 cap rate to the project (for a new build, REALLY??).

There are double digit net caps to be had, Buy refi and do again, rinse and repeat 

From there you can see what the area's needs are for tenant expansion plans and which one pays likely the highest starting rent and has the lowest cap rate exit resale value.That highest use from the report might not be allowed or wanted for your site.

The older it is the more I’d assign it to maintenance or cap ex for underwriting.

Think about this: Who in their right mind buys an apartment complex with 7% interest rate debt, at a 5 cap?

Not the highest ROI, but the value of the house is about 15% more than what we have in it, and our cap expense going forward will also be minimal.

Although it isn’t the highest ROI, the value of the house is about 15% more than what we have in it & our cap expense going forward will also be minimal.

Price: 105,500Rent: 105020% down: 21,20020 year loan 3/3 ARM estimated PITI at prime (7.5): 814Property Manager %: 8%If I include 5% for repairs, 5% Cap X, and 5% for vacancy, the property has a negative cash flow.

Having a cap may help but with a little research and spending some time on the program I think you can handle it yourself.