Overall nationwide cap rates are rising because of interest rate increases.

And now with rates being high, plus many areas overbuilt with new apartment buildings, I’d be careful with unknown areas, and also what you read in the media about “hot” areas, up and comers, etc.I was in a similar situation to yours a couple years ago.

Rent growth is a function of supply, demand, and interest rates:- I'd ground any forecast by stating I expect national rents to rise on a pace more or less in line with inflation over any long time period. 2-3% per year.

And the values like all rentals will just track the rental rates and what an investor is willing to pay for a return.

so every step is tougher.2. you don't really compare the interest rate when purchased and the interest rate when refinancing - that is apples and oranges. 

These areas might have higher property prices, but they can offer premium rental rates and higher occupancy.

Brandon Turner's Rental Property Investing book is an excellent primer to understanding the happy path for purchasing a property - however in this market it really comes down to having bulletproof assumptions on rents/taxes/R&M/etc. as with rates as high as they are/inventory as low as it is, there is less cushion in your returns if you analyze properties with bad assumptions.

I prefer to buy my materials because of my discount and because I’m pretty savvy with finding solid deals on things.

Who cares about lifetime interest costs, except to the extent you can easily lower them (refinance to a lower interest rate) to increase your cashflow.

You have to adjust your expectations to match current reality, which includes higher mortgage rates, higher prices, more expensive taxes and insurance, more competition, etc.