Still others tell me they just want a cap in the double digits.

Figure out how to get a cap rate of 9% or 10% and cash-on-cash over 16% with 20% downpayment.

I saw a 48 unit that claims to have a cap rate of over 13%.  

= $140,000If you deduct POH price from asking price you are at 2.6mil - 140,000 = $2,460,000 asking price for lots only.That gives you a cap rate of ~6%? 

Rather than asking "how much can I expect to pay for a 200 unit apartment complex," ask yourself "how much capital am a capable of accessing?"

The $25k is either a rental expense this year or a cap ex that would be added to your basis.

.), when I calculate with only 45% you will net $26,000 per year so a CAP rate of only 7%.Do the math, even with the comps if you want to buy and hold long time I wouldn´t invest in this house, only if you have to much money in your bank account its worth to buy.

I did not see the state, but is it a capped property tax area (such as the entire state of CA)?

You are correct, if you set a cap or IRR that is outside of market rates for your investment matrix, then that is your purview and you may pass deals at Fair Market Value.If the market no longer supports the rents, then the investor will request a tax reduction or the assessor should already adjust this and the taxes will be based on market cap rates and market rents.

It has a cap of 35k and doesn't have near as much red tape.