I see the same irrational exuberance in many markets and especially in the stock market. 

Our dilemma is getting the irrational and often brand new reluctant landlord to understand this. 

They exist everywhere, except maybe in areas with irrational appreciation, all you have to do is get educated and start looking.

Whats my projected IRR at exit?

If you are not properly leveraged or have too much debt it can put you into an awkward position and make irrational decisions.  

Aside from my own (potentially irrational thinking) is there a reason why you would NOT refinance?

Is this irrational? 

Holding for the sake of holding is irrational when there are many obvious reasons to sell.

I would also suggest getting an excel modeler that will crunch the numbers and give you some important metrics to access the deal. for example, for us, it is the Cap Rate, 7-8%, IRR at least 15%, AAR at least 15% cash on cash returns at least 9% and the debt service ratio of 1.20 or higher.

Dealing with irrational tenants you need to be extra careful, and that's why I was googling to find Ohio law solutions, regulations and rules.