This article says 5.5-6%.  What do you all think of this???https://www.northmarq.com/insights/research/los-angeles-4q23...

I’m trying to value the property and believe its calculated by NOI/cap rate.

Less volatile = less risk = lower cap rate = lower cash flow.So if less volatility is what you want, you want a lower cap rate market.

Some coastal cities that were historically very welcoming to vacation rentals (like Rockaway Beach OR) have recently passed new CAP's or rules on STR permitting or vacation rental licenses.

@Tchaka Owen - so I’ve had mixed experiences with both Lending One & SIL, If the need came up again, i’d probably look for a new option... in addition to Lending one.Experience 1: Lending one, was preapproved for a loan on a new purchase & got all the way to scheduling the appraisal when a mysterious cap was put in place requiring a 60k per unit valuation (was never disclosed prior or even mentioned as a risk), they pulled out.

.- the current rent will be around: $3700So we will have a difference of $2300 + additional fees like garbage, cap expenditure, rehab loan for the 4 units ( around $350 per month ) and others.

Yes, you have read that correctly. 3 Trillion $ market cap. 

What if large cap ex items pop up?

At 950K that is less than a 6% cap rate so I believe they are asking too much. 

Great experiences with RRA capital (seriously some of the best service I've experienced), Ladder cap, ACORE cap, etc.