You touched on something else important Elliot which is that some of those 'losses' in heat affect/warm areas of a multi-unit in ways that could vary significantly from one building layout, climate, etc to another................................................................................................................................................................................This is a real estate investment forum so the main audience here are investors, not engineers.  

I’m in a cold climate and was having multiple tenants turning their heat up to 78 and then leaving their windows open when it was -20 outside.

You don't want to be miserable with where you're choosing to grow your portfolio, and many of these places have very different climates and very different vibes (ie things to do, culture, etc). 

Given the macroeconomic climate, I would expect cap rates to heighten in the next year or two.

Looking to network with active investors who own and manage Multi-family apartments in warmer climates.

The city's Climate Action and Adaptation Plan aims to make San Antonio carbon neutral by 2050, with significant progress expected by 2025.

For leverage of 50% or less any worries are psychological with little chance of consequences moving beyond the specific property leveraged. 50 - 65% could go either way depending on economic climate, specific property attributes, management, etc. 

I'm interested to see what effect the current pandemic / economic climate has on real estate values.

The current political climate in CA and its current penache for addressing the "Housing Crisis" is real. 

Weather, Texas is not only;y a dry hot climate but also has high wind, hail and thunderstorms.4.