Are 2% deals realistic for multi family?

[Barry Joel Barr]

I'm from Chandler Arizona looking at property in Phoenix. The average cap rates on multi family seems to be ranging 5-7% from what I've seen on loopnet. Don't have access to the MLS basically have to wait on my realtor to send me a property.

I was just sent 4plex around 500k NOI 35k 7% cap not exact numbers, but this definitely isn't a 2% monthly ROI not even 1%. If I buy a property for 100k I should be looking for rents 2k a month for a 2% ROI. A 500k dollar property should rent out for 10k? The average rental rates in Phoenix can range anywhere from 500-1000$ What should I be realistically looking for?