Does the property tax rate have a cap on annual increases in multifamilies? 

Almost every market has a cap.  

You can’t come up with a realistic offer price using a cap rate and an actual NOI on a property that is unstable.

there isn't a cap on how many units of your property can be rented to Section 8 voucher holders.

You could add the average utility cost into a premium rent and do an "all bills paid" scenario with a cap.

When reviewing your local codes you may find some of the older garages were built right up against the property line.If the garage is down new set backs come into play & trust me it can be an added expense not being able to used the old cement pad.We built ours for $4500 but the doors, electrics & ancillary mechanicals add up.One we are considering now would be built against the home with an addition (it's a Cape) above the garage for a master bath & closet.Have fun.

More often than not you see a cap rate and of course the purchase price, so now you can calculate your NOI.Really, the problem is that it is all fiction anyway.

Being personally very debt-aversive it's a hard decision to make for me, but if I put my emotions aside it makes better sense to leverage the cash at this point if I can find a property with a cap rate that beats the interest rate on my loan.  

I would try and fit a cap shingle sort of side saddle.

They wanted a cap closer to 3% I'm sure.7% is being able to say there is rent control when there actually isn't!