That must be frustrating.How about price, is it still the 2020 price, or were there a lot of change orders and price increases as well?

It might be one of those positive sunk costs to increase the value when financing.

However, I just received the closing docs, and the rate on the 6.9% loan has been increased to 7.8%.

When cap rates increase you have to have an impact on NOI great enough to overcome the cap rate adjustment plus a profit. 

Assuming the Oakland rental market continues to remain stagnant/competitive with newer buildings going up, is property appreciation the only way to increasing wealth with my building?

page=LoadVirtualDoc&BookmarkID=6536) that capped annual increases to the Taxable Value of a property to the lower of 5% or Michigan's Cost of Living increase.

As far as the tenant goes, it sucks to have to raise rent but its still a business and its likely that if they try to find another place, they will be stuck paying even higher rents than what yours is at if you increase it to 90% of market value. 

You will get away from income taxes and annual registration fees by going to the townships, but your property taxes skyrocket which may offset some of the rent increases.

Asset manager role would be to give advice on property that could be value added and increase the income on a property by small or big tweaks.

@Shawn Tuma & @Chris KayVery difficult in today's market to cashflow putting 0% down:(5-10 years ago it was possible, but prices have increased faster than rents.Your best bet is to find a property that needs work, but will still pass a VA appraisal/inspection.