Standard cap rates and/or ROIs for SE Michigan

[Bruce Scannell]

Good morning BP nation! With the ultra competitive and high entry costs of Southern California, I've decided to use some of my contacts in southeast Michigan to help me start investing there. I've been looking at a lot of properties and running some baseline numbers and they look more feasible. I'm trying to avoid Detroit, but include areas not to far away. I'm curious, for those currently investing in SFRs, what are your average cap rates and rates of return? It seems like a 10% cap rate is doable, am I missing something? Also, I'm assuming a 10% vacancy rate, does that make sense or has it been higher? Thanks ahead of time and any insight you have is appreciated. Bruce