What is a good target CoCROI for a Multi-Family House Hack?

[Steve Gardiner]

Hello! I am new to the real estate investment game. This is going to be my first property I am purchasing and I am looking to house hack by buying a multi-family with 5% down. With the rates the way they are and in my area multi-family properties are being listed for a high amount like $800k for a duplex, with 2 apartments and 1 bath each. Should I be looking for undervalued properties that cashflow out the gate at a 7% interest rate or should I be looking for one's that cashflow at a 5% interest rate and then wait for the rates to drop? If so how much should it cashflow at 5%? Should I be looking elsewhere if nothing on the market in my area cashflows at 7%?

I know that most people say it's dependent upon your area and what you are comfortable but I am just looking for any guidance. It is greatly appreciated!! Thanks!