We're still able to find high single digit to low teens in surrounding cities that have other industry besides oil.

If MF is the primary value driver then your cap rate projection should be market rate cap + a premium for the value add + a market cap for the retail + a value add component for the retail value add = better than a sub six cap.Just given your description of the value add components and the re-tenanting required to get to a market value I personally wouldn't touch it under a projected 9 to 10%, if I really really liked it, and most likely pushing into an IRR into the mid teens.

It's potentially a "sexy" political topic but it doesn't address the underlying issues.

Returns in the high teens/low 20s are more common.  

My Mother was politically active in Philadelphia when I was young and also after she moved to NJ when I was in my teens.

Is it necessary to winterize now or should I wait until temperatures hit the teens?

It is not sexy like lets say Vegas but it has nearly every demographic challlenge met with demand and appreciation.

Most DST sponsers aim for an IRR in the mid-high teens. 

Have you noticed that “flipping” has become sexy?

Turns out he is a middle-man between HMLs and borrowers charging exorbitant fees, points and interest in the 'teens!