What Cap rate to use for property valuation?

[Johnathan Norman]

So I am considering purchasing a small 6 unit apartment complex in Cleveland, OH all cash. The rents are below market and i feel with a little work the building could at minimum at market rates. Then after a year or so I'd like to cash out refinance the property to get capital for other investments later. 

My problem is i'm unsure how the banks will value the property. Cap rates in the area are all over the place (from 6% to 30%) so i'm unsure of what to use in my estimates. It is a class C property.  Any thoughts here? 

Also is there any potential for something preventing me from doing a cash out refinance later? assuming of course i'm able to keep the rents stable.