Both were compression fitted.The expansion tank seemed fine and I didn't see anything else unusual. 

Cap rates have compressed a lot, and we are seeing sub 4 & 5 caps depending on the area and property type around the country.  

.*** The main reason this analysis identifies is that cap rate spreads over treasuries compress as interest rates rise.

You could go a step farther and drain the lines, or even better, blow compressed air through the water lines (after water is off) to clear them of water.

A fairly common practice in MF is to refinance the entire mortgage after the value has appreciated due to some combination of NOI improvement and cap rate compression.  

Cap rates have compressed across the country.  

I believe in about 3 to 4 years commercial here will cap rate compress about 150 to 200 basis points when the markets heat up.

Years and years ago you could find a quality apartment building for a 9 cap etc. today the markets are too compressed for that in most areas.

just look at PHX  and Vegas circa 2007 to 2011.in PHX you not only had rent compression you had complete vacancies.4 plexs in that city that sold for 350k each in 2005.. were completely vacant in 2009 and were being lost to the banks left and right... and bottomed out at 60 yo 70k a 4 plex... vegas many apartments were experincing over 30% vacancy and were lost to lenders... these things are regional for sure.. in our market in Oregon.. our buy and hold held strongly and grew in those same years.

I bailed, at almost the very top, and sold.My 'returns' were basically compressed in the 2002-05 time frame.