I will likely syndicate or wholesale the property.I don't know standard cap rates for the area, but the area is Madison, TN, which was historically low-income, but houses are being rehabbed and rents are going up as affordable housing within 15 minutes of nashville is slowly disappearing.

Job market - Historically, rental market in general has been tied to the job market; US job market is stable and will continue to be so for the foreseeable future.

In my market (San Diego) I am confident of long term appreciation because historically it has appreciated long-term for over 50 years. 

Watch out for month to month leases.Rent roll will give you the historic vacancy rate.Tax returns will tell you if the property is making money or losing money.Also ask if there is any deferred maintenance.Honestly, your Realtor should be doing all this, unless he/she is an inexperienced agent with no commercial experience!

Current rates are well below historical trends.  

They removed and rebuilt the brick and three story fireplace on my historic home in KC about 5 years ago.

I personally feel it is overpriced, but our historical data transferred easily.  

Return is one thing to manage, risk is the other.I do err on his side at this moment of historically low interest rates... but even if the interest rate is low, the principal has to get paid. 

Amazes me how quickly things have changed around here.This building is old, but that area of Colfax has some historic significance (even Jack Kerouac has history there).  

Historically, properties have doubled in value every 10 years, let's say your property doubles in value in 20 years.