Wondering what people have seen for cap rates in particularly Jacksonville (in the nicer Class A/B areas). 

From my perspective, with most of my rents being sub-$1K in C-class, @Scott M. and @Joe Splitrock have explained this beautifully.

My goal is to hold these long-term, and the idea of having a fixed rate in this environment seems advantageous.

60s product (C class)

I am on a co-op where I am not in classes but instead working for a company in my field.

The classes I enjoyed and remember most of all are the real estate classes I took at the first school.

I lived in class C neighborhoods growing up.

If this were an idea solely just for a new living environment, I'd look for a cheaper deal in where your roommates will pay off everything. 

people will get burnt in a deflationary environment if they took this easy money and have a high mortgage. it will be harder to borrow, and they will likely get lower rents. they will drown in debt. banks will repo. investors wont come in to save them b/c they wont have enough equity. they will lose their primary home that they tookt he heloc on in order to get a new property to short term rent.people took the bait. dont ever...take the bait.

@Steve MaginnisIt was more a rhetorical question.I still remember what I was taught in one of my first sales classes: "you sell on price, when you have nothing else of value to sell".