At the pro forma income, the cap rate would rise to 8%, which is more reasonable but only achievable after renovations.

Having the contractor relationship in place to move quickly and provide a high quality renovation at a reasonable price.

Three Months ago, low to mid 6's were available.Rates are going to continually fluctuate but if you have a way to earn 10+% on your capital, the TIME you are not using it is going to cost you way more than the extra .5% per year will.You are walking over dollars to save pennies if you are waiting for the perfect rate, half of the people who held out on getting mid 6's were waiting for high 5's.

Reason for asking is that I am trying to understand what a reasonable target rent per unit is for specific geographical areas. 

On the flip side, traditional financing typically offers better rates and longer terms but can take longer to close, and you’ll likely need stronger financials.If you’re trying to balance speed with cost-efficiency, it’s worth considering your project’s needs and how quickly you need to get funding.

You'll likely also reduce your cost of living by moving to a stabilized apartment.Depending on the cashflow and debt paydown, you can use this strategy until you've built enough equity to reinvest.On the other hand, getting into a multi-family after refinancing will also help you build substantial equity to rinse and repeat in the coming years.

There are no upfront costs so why not establish a relationship with someone who actively represents real estate investors and move forward with vetting your ideas.Best.

Inherently the steps are the same as if you were purchasing with financing save potentially less closing costs and ability to close sooner (if needed).The terms of your offer (ie -contingencies, closing cost splits etc) will determine what is different. 

A) it controls my cost.

I have no reason to stay in Gilbert, other than it's where my family lives currently, so it's nice to be close.