The CAP rate goes down (compresses)Since the CAP rate won't be going down anytime soon, the only way for MF to appreciate is to raise rents or lower expenses.

Additionally, I had compressed air blown through the domestic water lines to completely clear them.The buyer wanted the water turned back on for inspections which is a reasonable request.

This was before AirBnb and VRBO were mainstream, so rates may have compressed since then.I currently own STR property in Maui and the rates are in the 20-25% range.

Here you don't need external funding source.The nature of double closing is basically two seperate transactions; compressed in same day.  

It is this demand that is compressing ( lowering) cap rates.

As cap rates compress the value of the property increase.

Also, farmland is still at historically high prices. 10yr of historically low interest rates have caused cap rates to compress ...there is lots of capital chasing returns...retirees and pension funds need returns to live.

Take a look at the market cap rates for your AO, have you noticed that over the last few years the rates have compressed, in certain areas to a significant degree?

@Jimmy Lieu, there is a lot of capital looking for yield and as a result cap rates have compressed in many markets.

The downside of this for new investors is the high demand is compressing cap rates, creating a higher barrier to entry ultimately reducing potential returns.