Cap rates too low, pool cash and wait for dip before buying more?

[Jack B.]

I bought most of my properties in the Seattle area at the bottom or near the bottom. They've doubled in value since then. Trouble is, with a market 5 years into recovery, not even most of the multi family places I look at cash flow worth a damn. Cap rates at 4-5%!

So I'm debating sitting on what I have now, taking care of deferred maintenance and pooling cash ready for the next dip. Anyone else in the same boat and doing the same? Next summer I'm looking at taping equity in my houses and sitting on the cash waiting like I did last time, for the right buying opportunity to arise...