After that, you may consider an acoustic ceiling tile that has noise absorption built right into each tile.  

@Scott KingBP calculator is really not the right tool for this - you should create a multifamily proforma on the asset and include absorption rates (how long will it take to lease up property), along with all the other factors that come into play.

I use the LRO to get snapshots of each market and the snapshot gives me Occupancy %,Effective Rent ,Annual Rent Change, Concessions, Supply, Absorption,Existing Units + the Michael Blank Deal Analyzer + rentometer + Marcus and Millichap + Milken Institute( for more accurate market info ).

For example if it’s 12 weeks for permit we will carry 20 weeks in our proforma.Also every proforma should have contingenciesIf it’s multifamily where I have seen the biggest discrepancies in my experience has been absorption rates.

Absorption rate: how much inventory do we have based on current sales trends?

For example:1) Class type- B/C class2) ideal property size- 16 or more doors3) Vacancy rate- nothing below x%4) Absorption rate- 5) Cap rate / coc return- etc..I realize that everybody will likely have different goals for investing and will be in different markets so this will drastically change certain answers to the above but if you could also share your actual numbers alongside the checklist this will be very helpful to me. 

That implies a 400bp "absorption" of the interest rates that didn't impact the cap rate in the last cycle.

Figures on paper mean little, high cap rates mean little, if you have a property located in an area with poor economic growth, low absorption rates, high unemployment, and higher crime.

Absorption was negative for the quarter.

If you have done your homework (market values, sale times, absorption rates, acquisition / repair / hold / sale costs, etc.) you should be fine on your first deal.