I also try to get the tax assessment map or zoning map, and use it to mark where rentals are higher, and lower; not all counties will have it up online.   

It might be lower than 10%.  

(Or, refi into lower interest rate / longer term loans). 

Considering you plan to put 0$ down, in a competitive market you may have it come back lower, especially on a multi-family property.

Often, this means either lower LTV, shorter term, higher rates, more points, etc.

My partner and I are looking at a 128 unit complex that's made up of 8 16 unit buildings, with a average rent of $450. The building was made in 1960.We're not entirely sure how much we should project for maintenance /...

I definitely don't plan to pay the asking price I'm going to ask 25k lower.

Then I have an appraisal conducted with a floor plan that dictates a full build-out of the same space to create offices with kitchenettes, bathrooms, storage closets, etc. then should the 2nd appraisal still reflect a 9.0% cap rate or can the cap rate be lowered by the build-out?

People post ads on CL claiming to be renting out the property and take advantage of renters' excitement of lower deposit/monthly rent. 

A 20 year initial lease on a business that is growing in an industry that will only get bigger with a strong lease guaranty would have a significantly lower cap rate than a 10 year lease with a struggling company you're looking to turn around.That being said... as I started: I don't believe you are being unfair.