How to evaluate 2-4 unit properties

[Ken Morris]

Okay BP, I first searched around for my question before asking but could not find any good clear answers to these questions:

1) Are we supposed to use cap rates ONLY with commercial properties? Or can cap rates be used with single family and 2-4 unit properties too? Because I was thinking cap rates are for commercial properties and GRM is for 2-4 units and that comparable sales CashFlow etc is for all but most specifically for single family properties.

2) If you are supposed to use cap rates for single family properties what are good ranges to buy at and what are good ranges to sell at (just generalized ranges I know it is dependent upon market and condition/class of the asset). But for a SFR what would you say these ranges are?

3) What are some good GRM ranges for multifamilies to buy at and to sell at? (Again generalize).

Thanks BP I can't wait to see what you cook up in the responses have been trying to clear this up in my head for awhile.