The economic model of rentals doesn't work that way.

They include:Growing EconomyJob GrowthPopulation GrowthInvestment Property AffordabilityCash Flow and Equity GrowthGrowing EconomyTampa’s growing economy is largely a result of a city government that advocates for economic development that has furthered a real estate investment boom, making Tampa one of the most popular destinations for millennial entrepreneurs.

It means that you've made a sound economic analysis and your profits are high enough to make money AFTER all the tax benefits.

Alabama saw $4.8 billion in economic activity despite 2020 COVID challengesThought I would share another great article regarding Alabama and its continued growth and development.https://www.al.com/business/20...

Economic Update(Monday, April 12, 2021) This just might be the best U.S. economy ever!

Looking at the formula, cap rate makes use of NOI but NOI is not one of the FOUR sources of real estate return which is why cap rate is NOT a measure of return.Cap rate is a measure of how investors assess the desirability of a certain market by looking at the demographics, economic prospect, and the associated risks of that market.

It does not appear economically feasible to separate utilities.

I am familiar with Big Stone Gap as well as the rest of SWVA and would steer you clear of purchasing many more properties in those areas simply due to the quickly declining populations and low economic development going on. 

So one way to think about it is to apply the economic concept of sunk cost. 

or in an area that is stable with a good economic base etc - even if that means higher taxes (better infrastructure - usually) and tenant friendly laws