Spokane, Wa cap rates?

[Reinhard Kurzen]

What are the typical cap rates right now in Spokane, WA? I am looking at a 25 unit and it needs alot of rehab and tenant turnover work. The upside is that there is lots of room for improvement. Its selling for about a 4% cap rate on actuals but it has the potential to improve to a 7-8% cap rate (rehab included) which would allow me to refinance and pull out my initial downpayment. I have seen deals on the market right now claiming to be a 5.7% and 6.4% cap rate. Based on this info would this be a good deal?