I "house hacked" like @Dorothy Ma mentions above, however VA loans have a cap around $420k, and you're very unlikely to find a multifamily property in Denver that will be approved for the loan at that price point.

You keep referencing a cap rate........

Let's take this from the bottom up.Using most of your numbers I'm getting a cap rate of 5% which I calculated by dividing the NOI by the total costs.

You will not likely be able to even find a capable attorney that has experience in financial administrative law, the secondary legislation Ken explained.  

Hello Multi-Family investors!I am posting my struggles here because Multi-Family is my primary interest and I own 4 units (2 student housing duplexes) and want to grow my portfolio.  However, outside of student housin...

Is there generally a cap to how much the taxes can raise in one year?

So if the HOA does decide to ban or put a cap on them, I have no recourse, since the state agrees.

The way I see it, if you can get a cap of 9% in the midwest, but 7% here, I'm sure I can make up that 2% by being proactive and staying local.  

This doesn't mean they won't assess it every year, but if they don't do it annually; they will reassess the values soon enough.Also, if your property is not your homestead; the appraisal districts do not have a cap on the increase in the value of your property from one year to the next.

then apply a cap rate of approx 9% to derive your value.