Why would you want a cap rate? 

An A class property garners a lower cap rate then a D class property, and the cap rate in Omaha will most likely be different then in New York, or Los Angeles areas.And obviously you can negotiate anything, so the price isn't guaranteed to be based exactly on that cap rate.But based on a cap rate valuation, if you can (intelligently) cut expenses, and increase rents so income increases $100 a month, that is $1,200 a year in increased income, and based on the 10% cap rate valuation, your property is now worth $12,000 more. 9% cap rate would mean it's worth $13,300 more.Here's one article that discusses it:http://www.biggerpockets.com/articles/924-understanding-value-in-multi-family-units

I'm able to average a cap of 10+ on the owner fi house.s .

I think a cap rate of 8% is pretty good. 

Trouble is, few of them have a cap rate worth investing in, let alone a cash on cash return worth investing in considering leverage, and even then, the cash flow is very small compared to the total return on my SFH's.

Whether a cap rate is good or bad is very market (and neighborhood) dependent.

=NOI---net operating incomeyou can divide NOI  by purchase price to get a cap rate though most people rarely use this on SFRonce you have this info you can deduct your financing (if you have any) to get BTCF--before tax cash flow...also don't forget...one item not mentioned is CapEx---which is major repairs...and cannot be deducted in the first year as an expense but rather depreciated...this is a quick general guide...and if you ever become an agent you may be taught this.

He says that you could rent each unit out for $1000/mo, but I'll analyze 20% less and say $800/mo (Im awaiting information on that market right now).So If we are all in at $340K with aAnnual Gross Operating Income of $57,600 ($800 in Rent x 6 units = $4800 x 12 mo)minusAnnual Operating Expenses of $28,800 ( We'll say 50% of the GOI)EqualsNet Operating Income of $28,800...Divided by the GOI ($28,800/$340,000) you get a Cap Rate of 8.4% Now to my knowledge; I should be shotting for a 10 Cap.

A million bucks for a dump apartment with a cap rate of 4 maybe.

If you use that shorthand math and assume a cap rate of 10% in Orlando, Fl, you're not going to find many deals at all that fit your criteria.