I know the population has been decreasing for a while, but what's going in Wilkes-Barre that's leading to such high cap rates (i.e. sellers willing to sell their properties for really low amounts?)

Our agent should be contacting his list of guests that walked and other interested clients to obtain feedback from their walk as well as update them that the price has decreased.  

I will model decreasing or stagnant rents, decreasing occupancy, and increasing cap rates.  

Its possible that you need to watch these properties for 6+ months though as the price will gradually decrease to a reasonable level.

This actually increases your risk, not decreases it.

Sure you'd have decreased cash flow for awhile but then you'd be reducing your liabilities and the total amount that you would have to pay back over time.

But they also COULD show that the ratio starts decreasing (or increasing) with larger square footage.

After refi, principal paydown is our friend and helps mitigate any potential future decrease in value.  

Everyone raves about Tech Terrace and the area near campus but the houses are so expensive that your return decreases really fast.

Now you are positive :)2) Decrease Maintenance. 9.6k looks like too much, probably I am going a little bit high in this number.