As for your specific question, I think one could triangulate to a cap rate by: calling brokers to see what sold in the area, speaking to other investors to see what they would anticipate for a specific area, speaking to local/regional banks (who will have to support the value), as well as looking at recent sales (price per unit) and applying those unit comps to your own analysis.

@Ric Mittleider the last few properties that we have purchase have been sold with a cap rate around 6%. 

Also a cape for $114k after lender credits, which will have an ARV of $250+k after about $30k in work. 

A cap rate is used for larger multi unit properties.The formula for cap rate isNOI / Purchase Price & Acquisition cost.

The only time I've seen this done, is for a house to meet FHA standards for financing, and has a cap.  

Your best bet is to slow down your marketing because unless you wear a cape and have super powers- you may lose out on deals.

It just seems impossible to find a building with a cap rate higher than 6.0 or 6.5.

Most of Henderson and Summerlin are A/B, but there are areas that are C (probably where you're looking, if you're looking at Fourplexes) Typically, those sell based on FMV and not a cap rate.

A price per unit means nothing nor does a cap rate taken from BS numbers.

I came across a medical condo that listed @ just under 200k with a cap of 8%.