MY clients say "BUT THE FED.." and I say "listen, the Fed rate is simply a benchmark, the mortgage rates now are being determined by demand, the banks simply cannot keep up with the requests during this refinance boom, and have raised their prices accordingly." 

The benchmark is 1%, but I have yet to see a property in the Phoenix MSA at that level.

I would be cautious of considering it for less than a 10 year play.This is what we typically do (it is not rocket science):Purchase an RE that has a value add, ideally is a little below market value, in a nice enough area with good appreciation benchmarks. 

I am personally using the opportunity cost as a benchmark for my decision making; how much will it cost in terms of missed rent, costs to clean and market the property vs how much will I lose is I let a few months slide.

Printing 2.3 trillion dollars to keep the prices from dropping may not allow any discount at all for slow moving real estate, but what was the discount level for Houston real estate in 2009, just so that we can benchmark and evaluate which asset class will give better ROI.

It's a benchmark used for underwriting smaller deals with substantial cap x costs.  

I read Brandon's book and I think the 10% of the rent calculation is a good benchmark generally speaking. 

Massive layoffs, banks are not lending, people are not buying Starbucks ...If you see the stock market just had one of the biggest gains in history the virus is an excuse to sell and correct.All three benchmarks closed in correction territory, defined as a decline of at least 10%, but no more than 20%, from a recent peak.The only pandemic we need to worry about is society's utter hysteria. 

As a benchmark, lets assume you hold the asset until the end the loan.

Moreover, what are some benchmark rates we could expect to pay on it (I realize current rates are not representative of historical avgs)?