So all would be fine except the anti STR sentiment at the state level is even greater than at the city level. 

It’s of sentimental as it’s something we will use a few times a year and a lifelong dream of mine.

Cap rate is a market-driven metric that indicates investor sentiment and has nothing to do with returns.Well, it does, but not what you think :)

It's a measure of market sentiment, more or less. 

The MF is in a town where the owner used to live so it has sentimental value and he wants to sell it to the right person to take care of the property and tenants.I agree with others on this post to keep in contact with him because he may change his mind over time and realize his price is not close to a deal.

The best way to think of it is as a market sentiment stat - the more people pay for the NOI, the lower the Cap Rate, the more comfortable they are with deploying capital in said market.Thus, if you look at 100 closed transactions, and consider the relationship of the NOI and the sale price for each, you begin to identify investor behavior. 

However recently I've gotten a few direct mail marketing pieces that were looking for buyers not sellers, which I haven't seen much of before.I wonder if this is a shift in the market/ investor sentiment driving this. 

Unless you are willing to tolerate a much less than desirable area :)I agree with most of the sentiment behind Ran's posts. 

Will, the more I read, the more I think we are sharing the same sentiments.

Investor sentiment these days is that the multi-family market has reached the top pricing of the business cycle and probably is in slight decline.