Duplex/Fourplex Cap Rates in Dallas

[Kyle Brookshire]

Are cap rates as much a factor in valuations for smaller multifamily properties as they are for the larger commercial deals I'm used to seeing in the "day job"?  

I'm about to refi my first two duplex deals and I'm just curious what factors will go into the appraisal; is it based off income generation, or actual tangible improvements made to the property itself and the state of the current market.  

If cap rates, what numbers are ya'll seeing?