The average rental rates in this area are $1300 - $1400/mo.

If so, anyone happen to know what those rates look like in San Antonio? 

High maintenance and high eviction rates, but can look great on paper.

Lately I have been studying the multifamily property market and I continue to see cap rates between the ranges of 5-8% within 6-8 units around where I'm looking to target my investment.  

Doing a refi now would move me from a 4.5% interest rate to somewhere in the high 7% to 8% range, so I am thinking of potentially selling.

Specifically on whether the high interest rates will lead to an increase in mortgage delinquency rates similar to what we saw during the 2008 great financial crisis.I plotted the chart below (Figure 1) to compare Fed Funds rate to unemployment rate and mortgage delinquency rate. 

For the right investor, this could be a strategic option to scale quicker and maximize tax benefits like we do.I have worked with GR quite a bit in the past, especially with loan blocks for rate buy down. 

Not asking for seller concessions to help buy down the interest rate if someone is using bank financing

So much so that the formula to determine the value of a commercial property is Net Operating Income / Cap Rate = Property Value. 

Will I be able to "capture" that depreciation to decrease my capital gains from the sale?