Our last purchase in the fund was a newly constructed 98 unit Built-to-Rent community with room for an additional 120 units, that we were able to get at a 6% cap rate (a significant discount to the market).Hope to buy a few more deals similar to this one in the fund. 

Also, what is the yearly rate you are paying for your compliance?

-I will be using the data analytics for the City in this post, in the next I'll focus on MSA numbers-Winston's annual population growth rate is sitting around 0.39% which is meh, 1.17% growth since the 2020 Consensus has been recorded.

That's about the going rate. 

Rising interest rates have hurt everyone’s buying power (except cash buyers obviously), and inventory is locked up because nobody wants to move and give up their historically-low interest rate.

The new loan at a 5% interest rate would then pay off the seller's remaining balance, effectively transitioning your financing without additional down payment.It's also worth noting that some lenders might allow a "cash-out" refinance, where you could potentially take out more than the existing loan balance, given enough equity in the property, which could be used for further investments or improvements.

My preference would be to obtain conventional financing (although this may not be possible) to get the best rate.

I would even obtain a COFI arm permanent loan where the payments were based on an interest rate lower than what the market rates were.

This means the rates are better, but again the process can be a headache.Each loans has it's pros/cons, so it's best to know what your goals are to know which route you should take. 

I suspect if interest rates come down as expected this summer that could drive prices back up here.