Newbie question about cap rates in Ottawa

[Brad Dillman]

I'm just learning to analyze deals, etc. and I understand cap rate (haven't started investing yet, no down payment).

I've been looking at 2/3/4-plexes in Ottawa. What are some typical cap rates I should expect?

Using data I can find from the internet such as prices from MLS, advertised rents, etc. I usually find cap rates around 3%-4.5%, but it seems like there's not much profit until cap rate is 5%+. I've found a few, including 2 with cap rate 6%+.

I'm just doing analysis in a spreadsheet, so I'm skeptical about high cap rates too, either a) the price is low for a reason, or b) rents expectations are inflated. Before I'd ever purchase I'd do a lot of due diligence.