What do you think is a "good enough" cap rate?

[Jennifer Jo McCallon]

When interest rates were much higher, we only looked at places with a 10+ cap rate. Now that interest rates are so low, properties cash flow with a lower cap rate than in the past, leaving more wiggle room in pricing. We wrote an offer today on a turn-key rental property in a B+ neighborhood with a 7.5 cap. My last property had a 11 cap. I know in the Bay Area we see more like 5% cap rates. Side note: In what cities are you seeing the BEST cap rates?