Great properties there, but good luck finding a cap rate you like (you won't).  

I also ask for a cap of interest growth of 5%.

My borrowers have a cap rate of 5-10% depending on location, but 10% property price appreciation gets them 25-40% increase in equity profit (because of leverage via mortgage/loan). 

., I'm curious if there is a cap on the number of free tenant accts you can set up?  

A Cap rate, in a simplistic view, is what other properties are selling at based on factors like age, location, condition, etc.Example, let's assume the NOI for your multi is $200k and the market cap rate is 10.

It seems we are reaching a cap on rents, there is no way I can raise rents $200 to offset tax increase.I am starting to strategically sell of some of my portfolio and move the money into syndicated deals in better cash flow markets.

Working from a rough estimate of NOI and a cap rate of 6.4% I get valuations 15-25% below list price.Is there something wrong with my math or what else am I missing? 

There is a certain number of VA loans that you can do, and there is a CAP at how much you can have at one time, but I don't know what those numbers are.

Monthly income $2900Expenses @2407Cash flow $492Pro for a cap 7.65%COC 14.13%CAP 8.81%

They are all tertiary markets because 100 of different factors places a cap on their desirability.