Fed rate has very little correlation to mortgage rates and there are many other factors more closely correlated to it.

On an 8 plex, there isn't much meat on the bones for the amount of work needed for Management, but when you factor in an additional 24 units, that starts to benefit the PM, so there is more room to negotiate.Initially, the cost of PM outweighs your returns. 

It seems there are so many factors that may sway that number (based on exact location/amenities) that it is hard to get an accurate estimate to analyze the deals. 

i think those are genuine factors. 

This will vary property by property and area by area, but in area not only do you have all the city/county level planning: access, traffic counts, density requirements, unit counts for school districts, sewer capacity, etc, but you also have neighborhood councils which will have additional level of say in final design, scale, unit counts, uses, etc.  

There are more factor to look at than the cap rate.

@Pete TarinCheckout the data on vestmap.com, it allows you to search any location and get the DISCERN factors at a glance including income, crime, schools and neighborhood indicator stores.

Amenities, stay fees, wow factor, location, and unit price are only part of the equation.

You mention you have no experience in these types of parks and your first deal you want to take down 100.When I was working for a GC we did a condo project for a developer who never developed a building before and he sold his company (it company) and used the entire amount to develop real estate.He ended going bankrupt because his inexperience with his experience and his designers and every mistake they made was multiplied by 150 since that is how many units there were.

Because new designs of rings will attract a lot of customers.