Some things have extended it, like lots of liquidity from around the world, compressing cap rates even more abroad and making US real estate look cheap by comparison.  

Example multifamily cap rates have compressed and it's harder to find deals on apartment buildings today versus a few years ago or so because so many people want to own apartment buildings now.

This is a shift event, much like the internet was a shift event, but more compressed and significant than any previously, if you think that doesn't generate opportunities, well then nothing anyone says will matter as even 1yr later you will be screening "bah-humbug". 

I feel like the prices out of state have gone way up and the cap rates have compressed.

This is the way a bank or any competent appraiser would value it, no other way by those groups ... you as an investor might value it based on income, and an insurance company may value it based on replacement value, but when it comes to buy, sell, or refinance transactions, the market value is determined by sold comps.I won't get into the details of commercial property valuation, because it apparently offends Master Swanny's delicate sensibilities, but will only say that it depends upon the NOI the property produces and the market CAP rate, which is determined by sold comparable commercial properties in the same market around the same time, and yes, market CAP rates do expand and compress based on market forces outside of the investor's control, so multifamily investors are not somehow immune to market forces or comps.

Compressing my rehab time frame considerably.  

This is the tightest compression cycle we've seen in the real estate biz EVER. 

Like others said, retirement timeline is compressed and analysis paralysis is not your friend but it can be done

Right now, inventory is so compressed, prices are strong, so I would have to potentially deploy that $130k in myore expensive lesser yielding property.

Every year the MLS adds say the same thing, rent is under market at (525-550).These sellers are not generous, they just cant get more out of the property - the tenants are working poor and have not seen much in the way of wage growth for the last 10 years, they CANT pay more.Keep looking but know that cap rates are very compressed right now and it is going to take a lot of digging to find even one deal.