It also extends the economic life of the property - which only helps from a cost approach standpoint.  

David,The economics won't change, some of the cost will be borne by the consumers while some will likely result in slightly reduced rates--the deadweight loss will be marginal (lost demand).

Look up Ray Dalio and the economic machine, it's a fantastic illustration of credit, business and debt cycle 

Multifamily is  a little different but from what I've noticed sellers of multifamily homes are thinking are thinking their market is appreciating like the sfr market and pricing too high to make economical sense.

The economic situation caused many people to lose their homes throughout the United States because they purchased them with little or nothing down using an interest only loan. 

You can hedge the low rates now against 30 years of future economic unknowns.

. - TD Economics report the current Philadelphia vacancy rate at 3.7% and projected it'll increase to 4.4% in 2017.

At this point uncertainty in overall macro economic conditions makes me a little hesitant unless I can find something in a relatively stable market that produces a double digit cap rate. 

My reason for doing a 5-7 year hold is because it allows me to get the return I'm looking for while giving me flexibility to exit if sale prices increase in a certain submarket (whether due to lack of availability or other economic factors such as large employer coming to the area). 

The process of getting a flooring company to come out and provide a quote to repair the floors in the most economical way possible ended up pushing my return of deposit letter and check to 32 days from the lease termination date.