Cash on cash return calculation

[Krista Manna]

I'm assessing a deal on a 5 unit property in greater Boston area. All the numbers look good except the cash on cash return after year one is 5.3%. At 30 years it's 9.7%. I've read that COC should be between 8-12% minimum. Does this mean that this deal does not meet that because it's not above 8% in the first year?

How reliant is everyone on using that number as a go/no go on a property?

Thanks.