Its taken some time out on the west coast but we did nail a 10 unit for a 7 cap right off of MLS in the portland market. 

(I’m ignoring any extra cap-x because you said it was a condo, but you’d also add any major cap-x to cost basis).

Others have caps on how many nights a property can be rented or outright bans on certain types of rentals.

Now i am capped at the rent increases i can provide to encourage them to give notice (one reason it is important to keep rent near market rent) and i no longer have the option to not renew their lease.there is a reason spa very large percentage of economists are anti rent control.

Double check any cap ex you might have coming in the next year or more there so you can plan to set that aside (boilers, roofs, etc).

Looks like the first deal I’m analyzing is a bit complex on the tier structure, so I’ll have to carefully review the cap stack and waterfall.  

Cap rate is a good metric.... as long as you know if all the expenses are in the scenarios.

Is there anything wrong with me (legaly - he also bought the same stock and made 5x more than me) and is willing to take on cap gains as a thank you for me.

Every area has a max or cap, and you don't want to go over that.

I tend to use 8% for vacancy, 5-10% for repairs depending on the condition of the property, and 7-9% for cap ex.