Having an extensive amount of recent rehab experience.Generally with all that, rates are still going to be in the 11-13% rang minimum since rates are partially a measure of risk for the lender and also how much they can get on a return on their investment compared to parking it somewhere else.

The cap rate is merely a reflection of the risk in the asset and market, measured against other assets and markets. 

I simplified to try to show cash on cash return isn't a good measure of a good deal.

However, for any new investor coming in it is not the number of doors you own it is the cash flow that is coming as a way to measure your investment goals.

Measure the PSF of this new construction2.

Purchases in themselves are not the measure.

You're assuming a better loss situation that is measured with a percentage. 

Shelter measures housing prices two ways.

I would say it depends on property and how utilities are measured.

(Terms)....and the success of all deals can be measured by two things:1 - How quickly the cash flow will recover the REI cost/DP (less than 3 years).2 - How quickly the paid for equity (DP) can be duplicated by the "free" equity (appreciation), so the property can be sold and the cash from the sale can be moved forward and grown exponentially (less than 5 years).