So unless the property is 100% turn key ready to rent and the Seller pays all of your closing costs, you must factor in the total capital to get the property online and ready to rent, otherwise your numbers will be incorrect.Now, knowing what we know about what cap rate is supposed to measure, you can see why as the amount of capital goes up or the return goes down, the rate itself decreases.  

Value add is where you FORCE the appreciation up (rehab, update, increase rents, decrease expenses, etc.).  

Some have decreased. 

I also think It does lower your monthly fixed outflows and therefore decreases personal risk.

My tax liability decreased by 500. 

If you're not expecting this to appreciate (like if that university is decreasing in size or stagnant in its growth) I think this could still be a good deal, I would be willing to bet that you may be able to find something with for a lower ask that may need some love to get it back in shape.

Cash out refinancing will cost me a cheap place to live and will also decrease my cash flow from the rentals for now.

Screen everyone and you will decrease your chances of this happening. 

Usually when a share price hits a certain level the company will do a stock split, in which they increase the number of shares and decrease the value of each share.

So if you can decrease any of these you can decrease your DTI.