typical Cap Rate South Florida / Delray beach

[Francesco Sacchi]

Does anyone have knowledge of cap rates on single family in South Florida, specifically Delray beach? I am looking at a portfolio of two properties in a nice area very close to atlantic ave. It looks to me that the cap rate (assuming 50% expenses, I do not want to be too optimistic even though the properties have been recently renovated ) is around 3%/4%... I know the market has been pretty hot and maybe it's not the best time to buy given the high prices. I am just curious if 3/4% sounds about right for this market in florida or not.

Thank you,

Francesco