are investors/HH still cash flowing in North jersey nowadays?

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i am from Paterson NJ and I am seeing so many new projects being built mostly apartment buildings. They look amazing, and I have seen many people buying duplexes and 3 unit properties. Question is that these properties seem to be overpriced by at least 10%.

When I ask a few of them, they all mention $800 plus cash flow but none take anything out for vacancy, repairs, CAPEX or PM. Is this normal? I was always told to include those than after those are taken out, that is your real cash flow.

i am currently looking at the Philly market due to high property taxes and well not a lot of inventory around in North jersey.