Multifamily investing in Colorado Springs

[Daniel Wolcott]

How are people finding multi-family deals in Colorado Springs. I know it may not be the best method but I have been using a realtor and the MLS and everything I analyze seems extremely overpriced. Very low cap-rates (<5%)and NOI, High GRM, nothing gets close to the 1% rule (maybe .5%) and some are running at a cash negative yet they seem to be flying off the market. Am I missing something or is the new norm. Are people just buying hoping they can juristically increase rents or hoping that the market will continue to go up in this town? Any insight or advice is greatly appreciated.