.] - 12%Whether you predict them or not, those missing items alone can and will cost you upwards of 30%-40% of your property's income. 

Many experts predict prices to drop 20% from their 2022 peak, which means they could continue to fall throughout 2023.

I see most syndicators always project exit cap rates aggressively lower than the going-in cap rates (~2% lower is standard from the financials I'm seeing), which obviously increases the IRR quite a lot.This deal was particularly interesting to me because of 3 things:1) I know the area, as I used to live near Sacramento and I know it's a very interesting market that it's appreciating just by taking in all the incoming population burned out by the bay area pricing, and the employment opportunities are interesting2) The debt terms of this deal seem very good3) The exit cap rate lower than the in cap rate: with this one, I still don't understand if the syndicator is trying to be conservative and predicting a market downturn, or if there is something else I'm not aware of.

Just getting the pre-work to get permits is taking what I'll predict nearly 12 mo;  survey, architect, structural eng THEN permits THEN demo THEN framers.   

Find out if rental costs are predicted to rise in the future by researching trends and predictions.Long-term appreciation in real estate is not a given, though.

With Biden taking office, COVID, and multi family investing being at a 'peak' - what are you and your team predicting the next 12 months will be like for multifamily?

I did not have one personally.. but if the banks feel their assets are under water vis a vi current values then they can elect to freeze them or call them.. but I am not predicting that anytime in the future.. but when you have others who feel when they get a heloc its like a 30 year conventional IE just make my payments and nothing can happen.. that is flawed thinking they just don't know what they don't know.

If you calculate the returns off of this larger capital stack you’ll find the returns look a lot different than you predicted above. 

Simply rinse and repeat and take on the predictable income. 

If the equity upside is not predictable and it's an important component of the IRR/profit, don't buy (i.e. it does not meet your profit criteria).I vote patience and persistence...and have empathy and experience that it's not easy to do.