Like everywhere, valuations have risen and cap rates compressed.

That does not mean you cannot make a good return, it just means you have a highly compressed period of time to do it.

Inject  the system with compressed air d. find the leak(s) where the colored water appears.

Last time I checked 20 IRR was a lot better than most other investments, even with cap rate compression and inflation.I know how it works man.

I do NOT think it will lead to commission compression (which may happen anyway with or without the settlement). 

To you point, when the payoff timeline is so compressed, it’s really not an interest rate sensitive loan.

Cap rates seem compressed or non-viable on listings where I’ve been on the hunt.

I don't pay much attention to IRR alone, as GP can make up any number there he wants by sliding to more aggressive cap rate compression projections at exit, one can move IRR from 10-20% easily.

Due to to small location wouldn't necessarily bet on cap rate compression. 

Cap rates were compressed.