While a single stall garage might be only a ~10k adjustment on an appraisal depending on your local market, the lack of garage can kill market value which is harder to predict.

I think we could all agree there are basically three answers:A) Stay the course - keep adding 10 bps for each year held based on stabilized market cap rateB) Take a little risk - use the current market stabilized cap as the exit cap tooC) Throw caution to the wind - use a cap rate that is less than the current market cap (*If you pick this answer what method are you using to predict a cap rate)Which answer would you pick and why?

No one has the crystal ball, but this is a prediction I currently have.

Last month, we predicted that the growth in pending listings would slow, and this materialized in May.

What is less predictable is the timing.

Want predictable efficient results?

Gentrification is hard to predict, once it becomes visible price are already high, but there is still risk.

I would prefer to return to more predictable inflationary increases in values and rents so that this investment vehicle of REI can remain intact. 

There are many great neighborhoods that offer a consistent predictable ROI.

You cannot predict the future.