We do corporate housing though, so less volatile.

So the volatility churn has been, inventory and demand have reset somewhat, with sellers trimming down their asking prices to put them within some achievable range of what they got appraised at, and buyers formerly under contract going back into the market with a more modest expectation of what they should be able to borrow with what cash they are able to put down. 

I did look at my own comps and listing price seems accurate though vacancy % is certainly hit or miss and much more volatile with STR. 

Short-term will have less volatility than intermediate or longer term, with the trade-off of lower interest.

For decades, the multifamily market has proven much less volatile than single family homes, the stock market, and cryptocurrency.When the housing bubble popped in 2008, the delinquency rates on Freddie Mac single-family loans soared, hitting 4% in 2010.

It still feels less volatile than the market though.I would not invest in the upgrades without getting really familiar with what tenants in your area are looking for an willing to pay for. 

is this market here so volatile (Wild wild west :)) worth to look into?

Market volatility as you mentioned poses another risk that I'm not interested in as these funds are for real estate. 

Interest rates are higher for retail and office, demand is lower for retail and office, tenant improvements are higher for retail and office, volatility is much higher in retail and, as of recently, office.My answer is yes, I do look at retail and office offerings too, but not only because of cap rate. 

I have flirted with commercial, specifically USPS Post Office investing considering the entry price and long leases but on digging have found volatility with USPS writing favorable leases they can get out of.