I have had rentals there for 15 years, even through the recession, and values have stayed pretty consistent.

While we may already be in, (or close to) a technical recession, as of this post we still have a very strong job market in most sectors right now. 

With the increase in interest rates, looming recession, and drop in asset values generally, at what are the cap rates that folks are you purchasing?

Lots of speculation on crash/recession/correction but it would be nice to at least see some movement on these markers.

The local economy is supported by a university and agriculture, two recession proof industries.

Finally, there are general demand drivers that will not change immediately, and therefore keep sentiment low: inflationary environment pushes more capital to hard assets, recessions push money to hard assets, news outlets running stories about how this millennial or that has made a killing in real estate pushing more people to real estate in all forms, office and retail money moving to multifamily and industrial as the pandemic and consumer patterns have shifted for the long term.Will there be a correction, or at least a slow down, yes.  

Installing new light fixtures (and then over time installing recessed lights and really making the units modern).

All of the perma-bears who bet against rising prices in Austin have have spent the last 10+ years hanging their heads in shame as those who bought at any point since the last recession have enjoyed their investments becoming more valuable.

Hopefully you will not completely count out Buffalo, our city needs investors to continue climbing out of its 70 year recession.  

My 2 Cents: Cashflow: if your property can make cash flow inspite of the vacancy and other things today, going for a mortgage, you are good now  and for the upcoming future. traditionally, During recessions, the rental values haven't changed mush and the prices of homes fell but the amount since you are already baking into the calc the todays high prices, when they go low you can refinance and then be good on lowering the payments. remember the cashflow is the principle that is being paid to mortgage and Net income after mortgage payment.