That then registers the property at a new “base rate” and your future rent increases all be “base rate” + Inflation as guided by the town.

Despite higher interest rate environment, there's reasonable probability inflation will still continue - thus increase hard asset valuation.

@Jadan WilliamsIf I were in your shoes, I’d start by clearly defining my investment goals and identifying target markets with strong job growth, population increases, and development potential.

Best way to understand this is research appraisal standards and means. 

I'd have to do some research on the local market to know if this would meaningfully increase the value and the appeal as a rental in the long-term.

Also your perspective are you an agent, pm or investor.For example in Cleveland the east side has tons of A communities by income standards but the turn times of how long a property sits on the market is atrocious.

I'm hopeful we can find more productive ways with less red tape in the future outside of LIHTC leveraging technology since standard construction really could use an overhaul.  

I'd underwrite the property, with that low interest rate assumable mortgage, to cash flow positively from day 1 as a long-term rental, but be willing and able to use the rent by the room strategy or to rent out part of the property as a Short Term Rental to dramatically increase cash flow during my occupancy. 

With a few tweaks to the management structure, and with new leadership, I figure we can greatly increase the revenue.

Cheap money and low rates produce euphoria, which increases flow of money to an asset, which pushes up the price to uninvestable levels.I think it's going to get worse than better in the short term.Gino