We paid the impact fees to the city to make it a legal basement apartment as well.  

Those things will add value to the house if you were to sell it but will most likely not have a huge impact on the rent you can charge each month.

Firstly, you haven't provided nearly enough information for anyone to offer an informed response...I think BP'ers just want to see their post count rise sometimes...Anyway, CAP is merely an imaginary return that folks are willing to settle for...and it's pointless to use when valuing a 3-unit residential property....it has zero impact on value or what you should pay for this property. 

The Fatal Conceit: The Errors of SocialismThe Misbehavior of Markets: A Fractal View of Financial TurbulenceKeeping at It: The Quest for Sound Money and Good GovernmentThe Black Swan: The Impact of the Highly ImprobableAntifragile: Things That Gain from Disorder (my personal fav) The Courage to Act: A Memoir of a Crisis and Its Aftermath13 Bankers: The Wall Street Takeover and the Next Financial Meltdown

I'm sure everyone is actively watching the news and their impact on mortgage rates.I'm personally losing sleep wondering if I can save more by waiting, or should I just lock in the rates today.For those of us with loans that are well above market rate, the question of the day is: Will rates continue moving down from here?

@Jarib RivasThis is difficult to answer because there are so many real estate markets in the US and each are impacted differently.

I have good credit (800+) and want to keep it that way....For everyone that takes out 3+ HML's a year, how have you seen this impact your personal credit score?

Inside the City of Wilmington the way they're working around this is to provide tax abatement for new construction, but that only impacts your City taxes as far as I'm aware and not the county/school taxes.

Keep in mind also that any remaining tenants will also be impacted by the abatement, they most likely won’t be able to stay at the property.Is holding for 3+ months without those renters and on going projects feasible?

Every market is different, locations within each market will have an impact on value, and of course the age and condition of the home will have an impact as well.