Cap rates are specific to commercial properties because of the value of commercial properties being dependent on the income they bring in, which is what the cap rate measures, whereas residential is based on market value and not income.

Until you get to 5+ units, Cap Rate don't matter much aside from a measuring stick for you to compare similar properties.

Inflation will continue to drive up hard asset prices measured in currency (like real estate).Here is a scenario: if rates come down in spring (which a lot of mortgage experts believe) buyers and sellers who have been on the sideline will jump back into the game. under 6% will be perceived as a great deal.

You’ll want to get electronic read sub meters, coupled with an electronic master (sub) meter to measure total water moving to the complex.

@Laura Johnson, considering the other measures you're taking, I would skip the iso clips and do a 2nd layer of drywall with the green stuff between.

I'd recommend LVP for flooring. you'll need a table saw or circular saw for cutting, also a pry bar to pull the joints together. a good box cutter knife as well. tape measure and pencil. also use pry bar to remove shoe molding at baseboard if there is any. 

What cannot be measured cannot be managed. 

One strategy you can add as an exit strategy is to rehab the house to section 8 expectations and measures (Preferably lead free).

Instead of references, send them a rent roll and recent I&E.Then ask them: "What's your plan to increase my NOI with measurable action items?" 

This is why I never use percentages to measure success.