I did an analysis using the BP software and the initial analysis looks good with a cap rate of 9.45% and Cash On Cash ROI at 16.38%.

There is a cap and it starts to phase out at $100K. 

From where I stand, I would rather put a cap on each property so that in the event of some major liability, I won't lose my other holdings or personal assets.  

I am finding it very difficult to find a property that even has a cap rate of 5-6%.

If someone gives you a cap rate are you going to settle for their word? 

I hear this is within normal limits, but should I request a cap?

That said, I have a really nice performing park, fully developed and fully occupied, with a history of over 5 years performing as such, ready for sale for a price that places you well in the black day, month& year 1 with a cap rate into the teens if not better as long as you dont do something cataclysmic stupid or bizarre.

Many buy a cape multifamily and keep a unit for themselves.Steve

I've know a few companies who advertise an 8.5% cap rate off of market value, but actual figures show a cap rate of 4%.

It is an awesome investment with a CAP rate of 23% after all costs to fix up (assuming there are no big unforeseen costs).The building is over 100 years old and has been "remodeled" (or at least has been lived in and lots done to it, new HVAC, etc.) about 10 years ago but has been vacant for at least the last 8 years.