Where I'm from (Southern CA), an 11.1% cap rate is ridiculously good and is unheard of.If the tenants are gross leases, which means that the landlord is responsible for some expenses, then you have to deduct those expenses from your gross income to get your net income.  

It's not unheard of, but it is pretty rare.  

With in this decade the Korean population in Atlanta will exceed that of Chicago and Seattle which would have been unheard of 10 years ago.

Second of all i wouldn't suggest you going with an unheard of lender as that could cause problems like you said at closing so just stick with a trusted lender even if that means some extra headache.

There are some really good resources on BP and some PRO members that are literally EXPERTS.  10 years ago it was unheard of, its been my observation that this sort of financing is becoming more mainstream as of late. 

Make sure you do your due diligence on the lenders it's not unheard of to ask for them for some customers they landed to and to check them out , the worst they can say is no .

@Lance Knapp If you have the money to relocate the tenants in rent-controlled units (usually around $8k - $18k+ per unit), and then fix up the unit, you are free to charge whatever you want to the new tenant. 50% - 100% rent increase is not unheard of in the right location.

Or unheard of? 

Rents have been climbing pretty quickly around here, and $1500/month wouldn't be unheard of. 

It's not unheard of to put in offers more than asking price.