It's fully rented at the moment and has a cap rate of 10%, which seems promising.

That said, I would 100% put a cap in the utilities.

There aren't many 5+ unit properties trading in those areas, and the 2-4 market doesn't really trade on a cap rate basis, because it's very owner occupied heavy.

Landfills make me think: odor, smoke, noise, bugs, and water supply contamination.Construction on top of landfill: additional costs, abnormal settling, off gassing, heavy metals, and surface leaching if a capping fails.

The town put a cap on short term rentals right after, but excluded certain areas.

Even paying a lawyer and a cap to fight the irs could cost more than the commission. 

Those developers pray long enough while building out the building that the tenant will open and they can sell it off before taking a bath on it.The small to medium franchisees eventually if the have trouble get bought out by a Private Equity group that runs them like sh*t and makes their money back and sucks any remaining profit dry before they close or ask landlord for rent reduction.That's what 20 years experience teaches you versus buyers just looking at a cap rate thinking something is a good deal.

Same in Breckenridge and unincorporated Summit County that put a cap on STRs.

One of our markets has a cap on the number of STR licenses with a huge waiting list and very few licenses changing hands over the last few years, so that doesn’t appear to be an option for us in the short run. 

But multi families should be valued by being pegged to a cap rate for an area or the country etc that investors expect.