is 5% CoCR in this hot market good enough?

[Murtuza Bengali]

We are newbie investors and have been scouring the Triad area for the past three months like hawks. We've been running numbers on every deal that pops up on any of the MLS's as well as talking to our agent for off market ones.

I guess my question to the BP community is in today's hot market is everyone still trying to target 10% CoCR at the very least? We're not seeing a ton of properties breaching even 7% at times. Rents are barely able to scrape the 1% rule due to intense competition on houses. We've put six offers so far and each has ended up going the other way even though we have on an average bid 5% over listing price.

It's crazy - should one just sit tight for sometime or still go for deals yielding 5%-7% CoCR?

Thanks for all the advice in advance

Murtuza