Multifamily Cap Rates Nova Scotia

[Account Closed]

Hi Everyone, 

I own 2 rental properties (Halifax, Nova Scotia & Antigonish) and have reached my ah-ha moment on multifamily.  Through my direct mailing campaign I've got some leads generated for multifamily buildings.  I've created a multifamily calculator to evaluate deals and I'm stuck on my cap rates.  I understand the general concept: 

1) Cap rate = NOI / Market Value of Building

2) Higher the cap rate = higher return on investment, however it comes with higher risk

3) Low cap rates are around 3-5.5%, high cap rate 5.5%+

4) Cap rate is dependent on the market and is "what the market with accept" to put it that way

Can I have some input on this? Ideally specific to the Nova Scotia market.  Please feel free to correct me, always happy to learn from others.

Janelle