Questions about multi-family investment

[Chase Gu]

Hello, fellow investors. I have several single-family rental properties and I am in the process to buy my first multi-family property. I am looking for small apartment with 5-20 units (also interested in mobile home park). I have several questions I hope you experienced investors can help me with.

1. Is now the right time to invest in small apartment? I know multi-families are hot and the cap rate has been decreasing in the past few years. Is the price too high right now and thus not a good time to enter market? What stage in the cycle is multi-family at?

2. I will invest out of state. Where can I still find properties with reasonable cap rate (8%?) and cash flow? I am doing research for Tampa/St. Petersburg and Triangle area in NC. I am looking for areas with strong job opportunity and growth potential and where multi-family has not yet peak. 

Thank you very much in advanced for your response! 

Chase