Seller versus Buyer Net Operating Income

[Dan P.]

Hello;

I have been investing in single family homes but have recently been looking into multifamily commercial. My realtor pulled me listings and while the majority of them are based on the prevailing cap rate for this area none of them account for all expenses in their Net Operating Income. Each listing includes a different combination of expenses, but only about 10% include a maintenance cost or vacancy assumption. And none of them include a cap ex line. So, when I add in those missing lines the prices are considerably too high. 

Is this how commercial listings go? That the asking prices are predominantly fiction? If so, is it then expected that all offers will be considerably below the asking?

As I say, my experience so far is with single family and while the asking prices there have an element of fiction, on the aggregate they are not all considerably off all the time.

Thanks!