But, changes to the cap rate tend to lag behind changes to the risk free rateAvailability of debtGreater availability of debt decreases cap rates as more buyers will compete to buy propertyHealth of real estate marketStrong markets result in downward pressure on cap ratesProperty typeRiskier properties trade at higher cap ratesRent roll (quality of tenants, lease terms, etc.)Tenant credit plays a large factor, particularly single-tenant assetsLocation, trade area, site characteristics Gordon Growth Model: getting real nerdyThe Gordon Growth Model provides a more accurate and slightly more complex cap rate formula.

We also want to see strong and increasing population density, low crime, low unemployment rates, high median household incomes, and strong transportation characteristics (traffic counts, public transportation stops, etc.).

Covid has made it hard to profit in densely populated areas and places that are event driven but the opposite is true in places with the characteristics I mentioned.

As an example, I have one for sale with the same characteristics for 60k in Detroit... 

The neighborhood characteristics will dictate the quality of tenant you can attract and rents you can command.

Listsouce provides leads with different characteristics  such as foreclosures

It does put the seller in risk because now they know more about your characteristics and could alter their decision.  

The location has some extremely unique characteristics that were not being exposed before.

The location has some extremely unique characteristics that were not being exposed before.

Yeah, why would you try to consider them as a package from your own personal evaluation perspective when they all have different characteristics?