my first true multi unit

[William Jones]

hey guys, I live in Richmond Virginia!  I'm looking to do my first multi-unit (I mean 8 unit or higher), and I'm getting my brokers to start looking for me.

One asked me what is my ideal cap rate and ROI that I aiming for, so they can presort deals for me.

This where I need you guys help!  For all of my experienced multi-unit apartment building owners, what are these ideal numbers you want to be at in your typical average market? (Assuming that I am probably aiming to put 20% down on the property)

Of course, I want a nice return, but I also want to be realistic.  I guess I want to know whats a good range, a great range, and what shouldn't I go below.

please help!