I think your trailer project could have added yet another variation and was half expecting it to be a Meetup.

We are well on way into a REI industry where entry is difficult, expensive, exceptionally detailed, where small variations of #'s or %'s can mean success or failure, where a person with limited means is not afforded a seat at the table, and the industry is dominated by highly professional, well funded, organized operators, or in simplest form, a normal investing market. 

GSI {Gross Scheduled Income; sum of the rents, annualized}Capex {has several variation, pick anyone you like}Caprate {has same problem}ReservesE&O {Errors and Omissions; has a def on the site}PM {property manager, management, disambiguate from Private Message}DTI {Debt to Income Ratio}

I'm not saying the other factors mentioned in this thread aren't a factor, just that some seasonal variation is normal. 

I think there's of course many variations of the same answer here and mine is probably no different!

The variation is quite severe going from Fishtown to K&A Kensington for example. 

Whether properties appreciate slowly, go flat or lose a little value (I do not think is will be much) is anyone's guess and will have regional variations.

Absolutely agree on the variation in CapEx and vacancies, just interested in what people are crunching numbers on as a general rule.  

Although there are many variations, a cap rate is often calculated as the ratio between the net operating income produced by an asset and the original capital cost (the price paid to buy the asset) or alternatively its current market value.I'm with the Wikipedia definition in that Capitalization Rate is a valuation measure.

There are lots of variations and options so you need to understand the market and demand.