Looking for opinions on a 6 family investment

[Chris Agun]

I am looking at a 6 family property that is roughly 650k fully rented.  I feel that it is just too expensive and give up to much equity buying at this level.  

My question is at what point is cashflow high enough to justify purchase price? Or are there other factors I should look at?

Part of me just wants to wait for a market bust to scoop something up but hearing some opinions from you guys would help.

[Charles Carillo]

@Chris Agun

Without any other information, the sale price of an apartment complex makes it impossible to decide whether it is expensive. If you said the gross income on the property is $4,000/month; I might say that is expensive; if you told me the gross income is $8,000/month; I might say that is a reasonable price. Then it depends on the area, the cap rate, the condition, etc. I will pay more for a better property (newer, better condition) in a good neighborhood that has the possibility for appreciation. Better properties, in better areas, have a better chance of appreciation (and are less management intensive (better tenants)).