Crazy prices on 2 and 3 flat buildings in chicago

[Mordy Chaimovitz]

Can someone please explain to me why people are buying 2 flats that rent comps show $4,600 a month in income for 665k+? The income doesn't really cover expenses plus debt service. 

Even if you tell me they are paying cash or very high down payments , shouldn't the price of multifily buildings reflect its NOI/cap rate?

Also, am i imagining it, or is there is no way these buildings will hold onto these values. 

Would you forecast that there will be some big discounts on these in a few years as people realize that they cant afford to hold onto them

thank you!

Mordechai Chaimovitz