In an environment where prices and rents are exploding quickly....why wouldn't cap rates be low to account for rapid asset and rent growth?

It's only a matter of time, as Belmont and other surrounding areas have exploded recently.  

CApe coral is simply exploding with out of state people moving there and low price points.

I've lived in the area for 20 years and have seen HSV explode countless times and I don't see it stopping anytime soon.

Conveying costs can explode if poor contract language is contested.

We realized rental rates in the Tampa market have exploded due to a lack of supply.

For example in your Wyoming town, you said rentals are exploding there.

Overall KC is stable compared to other markets that have exploded(Utah, Nevada, Idaho, etc).

@Henry Nguyen I don't know how that benefits you with that long of a lease, there is not shortage of good tenants and would hate to see you miss out on  potentially exploding rents like we've seen.

The market itself exploded in Eugene, simple repairs were done to the home, but no drastic improvements were made.