I function as a GP and we syndicate Multifamily Apartment Communities across the US in areas that are in the path of progress.

@Brad E.Try using the XIRR function in excel instead of IRR

It's more a function of interest cost that you'll want to look at, and how much interest is saved in that timeline.

The cities are right next door and function essentially as one community in most respects. 

I can't really speak into the actual legalities and logistics of it all just b/c I am not well versed in it...however, I did learn a lot about how it functions just by reading up on the lawsuit files that are posted publicly online.  

To echo what's already been said by some, your cash flow potential will be a function of your debt service, if any.

I got a Bachelor's in Finance so the valuation stuff has been a lot of fun to review.I also checked out the meet up function on biggerpockets and have already signed up to a cashflow seminar in September and a REIA meeting later this month! 

@Tiffany Wellsif it is a functioning, producing  multifamily in Jacksonville Florida not in 32209 it will likely be redeemed.

I'd be happy to function as broker on any acquisition you're considering, but my management is swamped right now- we have more work than we can handle as far out as we can see.

Both examples, are from 3 years ago (2015) and start with the same rent (for this example it is a unit with $2K rent in 2015):Rent Controlled 3% annual increase: $2000 * 1.03**3 = $2,185/month after 3 year (after the 3rd annual rent increase)San Diego non rent controlled actual average increase (which has averaged just under $500/month increase in the last 3 years for SFR): $2,485/month.That is $300/month ($3,600/year) difference in only 3 years time.You could do a tenant buyout of the rent controlled unit but the cost typically is a function of the amount the rent is below market.