Avg 80+ units and mid level hotel cap 6 % and better.

I would choose a 2nd or 3rd tier city or suburb just outside a 1st tier city (but not the boonies), which has some of the same desirable features as a 1st tier city but isn't yet teaming with investors.

This is one of my favorite features of Bigger Pockets especially for asking specific questions.

But if there is huge appreciation the CA rate goes up at a low capped amount.  

Numbers work...property values still reasonable and I can get 9% cap rate for property in good area.  

The fees are also collected for cap ex projects .

This is one of my favorite features of Bigger Pockets especially for asking specific questions.

Hopefully it is more than 3% as this does not cover cap ex and the rest either.

Another good way to research questions is to use the search feature to find previous threads that discussed those issues.

It has an 8.5% cap rate and they just signed a 5 year lease.