If you are buying income producing property, then I believe cap rates DO matter and I explain why in the article below. 

A friend of mine just started working for this crowdfunding company that basically connects investors with real estate projects (income producing portfolio or development).

I purchased 3 new construction and incredibly high prices.

They essentially work exactly the same as properties that you invest indirectly: if you depreciate they throw off losses in early years (especially if you accelerate depreciation in which case they can throw off more passive losses than they produce in income).

Although I know this could have been produced better, I could have spent hours trying to get it “perfect.”

Whether or not you decide to buy, it is incredibly unlikely that the seller is going to try to get you a good deal.

Once I get all three producing income then I will think about what to do next.

The building department can be incredibly difficult to work with, and their records are shoddy, at best.

Only reason I'm considering this is the location is incredible.

-Nichiren DaishoninCount it all joy, my brothers, when you meet trials of various kinds, for you know that the testing of your faith produces steadfastness.