What CAP rate do you seek? What do you call a "deal"?

[Derek Lamonde]

Historically, I won't consider anything in NJ below a 10% CAP which is becoming next to impossible given the taxes. I've considered lowering expectations a bit or working with a wholesaler, but finding a good one is proving as elusive as finding a 10% CAP. My next move is to start looking next door at PA, but the tend to yield lower rents so most of what I've found is a wash. I'd like to hear from folks that search out multi-family investments and what their criteria is for a "deal". Especially if you buy properties in NJ.