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Cap-rate pressure in uncertain debt markets is not just a valuation adjustment. It changes how investors judge price, refinancing risk, and exit liquidity at the same time. When debt costs rise and buyers become more selective, the analysis needs to show which assumptions are still defensible and which ones no longer support the original pricing case. The most useful approach is to connect cap-rate pressure to income quality. Assets with short lease duration, softer leasing demand, or pending capital works tend to react more sharply when financing weakens and exit expectations move. If the model treats yield expansion as an isolated variable, it can miss the practical reason why the asset becomes harder to defend. Scenario work should therefore test financing, leasing pace, capex timing, and exit appetite together. In many real transactions, the greater risk is not a dramatic single shock but several moderate pressures arriving at once. That combined effect is what usually determines whether the underwriting still holds. A strong framework does not try to predict every market move. It gives the investment team clear price limits, reserve requirements, and decision triggers. That is what turns market uncertainty into a disciplined underwriting conversation.