Cap rates are impacted by more than just interest rates...try demand, credit availability, etc (see link below).  

Next apartment turnover  we are getting another low flow toilet which also has a big impact.

So, any LLC income will end up on your (and any partner's) personal tax returns, and will impact your personal income.If your business is incorporated as a c-corporation, then you don't necessary have to take the income as salary, but don't get to claim it on your personal return.

When we bought in 2013 we took out the carpet and installed bamboo flooring; we put $35k into a complete overhaul of the kitchen; and we added impact windows in 2015.

A lot of these interior cosmetic upgrades can be DIY'd without a permit (check your local codes), and they shouldn't have an impact on when the construction loan closes.Bottom line - I recommend doing a basic cost analysis to see how much more you'd have to spend to have the contractor get the project through final inspection.

You have to see if it is a has had an impact on occupancy. 

I am just hesitant because I do not know what the impact of the water treatment facility is on this investment.

They are a constant liability, both in decades of monthly payments as well as impacting your debt-to-income ratio.

We have found that reducing rent doesn't usually impact the length of the stay.  

Too soon to tell what impact, if any, the new casinos will have, but worth paying attention to.