Cap Rate is the value of the property determined by the market. you can have 2 identical buildings in 2 separate towns but if one houses c class tenants vs the other one which houses A class tenants, the C class building will generally sell for less because there usually is more tenant turnover and costs associated with it than a building with A class tenants, who tend to stay longer. you can be collecting the same rent, but usually you do not, but the turnover costs and usually more maintenance lowers your NOI in the c class building. you still have costs with the A class property but with less turnovers and maintenance, the income is more steady and reliable. so the higher the CAP RATE the more risk in the property ( C class) and you can not count on consistent numbers. the lower the CAP RATE the more steady and reliable the income will be (A class), so there is more value in owning a property like that.

If they seem to be reliable and responsive tenants, this may just be a one time thing and hopefully the next payments aren't an issue. 

The main advice I would give is just make sure you have solid reliable data to depend on when making your bid and justifying your offer price.   

You could even ask multiple realtors, and then average out what they tell you to get a more reliable number.

For that reason, I tend to follow best practices for the most reliable assemblies.

I don’t have any contacts in Camden so I’m hoping I can build a reliable team through BP.

I have not looked at your website yet an important factor seems to be the sizes of your market and its reliability. 

Trying to find reliable information on the zoning laws for Springdale Utah.

It seems like a reliable agent can help you answer both your questions and more. 

If the rehab numbers came from a reliable contractor and the ARV numbers came from an rock star agent then you should be alright.