For example, in Phoenix (where I’m based), cap rates have compressed over the years, but strong rent growth and job migration have kept deals attractive.. compared to, say, San Diego, where the appreciation play is stronger than cash flow.

NOI divided by purchase price gives you cap rate. 

I've closed 20+ coliving deals as an agent over the past year or so and have offered/UC on dozens more.If you're going to buy a 'turnkey' operation (following info is true for a coliving BRRRR) - the buyer's out there are underwriting the properties to about a 9-10 cap on what the properties can generate conservatively OR are generating.

.- Gradual Rate Increases: Increases are phased in over time for policyholders who see higher premiums, with annual caps on the rate hike.- More Predictable Rates: Rates better reflect the real risk rather than just being based on a flood zone map.Example Scenario (Simplified)- Old System: A house in a designated flood zone pays $1,000 annually, regardless of its elevation or distance from the water.- Risk Rating 2.0: That same house may now pay $1,200 if it's closer to the water and more vulnerable or $800 if it's higher up and better protected.Flood zones still matter under Risk Rating 2.0, but their role has changed. 

Wait, don’t I just consider the last 5 years which means I lived in it 2 of 5 years which means I qualify to not have to pay any cap gains (unless over 250k single)?

Hi Matt, if you want good bang for your buck, I would consider the Midwest, specifically Ohio.

They get hail storms there.No cap ex or anticipated cap ex.Rent is slightly lower than market because I have long-term, excellent tenants.The Dallas area is still growing, so selling is probably something I'd regret.Been renting the house since 2011, when I bought it. 

What I read was you pay taxes on it not cap gains.  

And I have to assume the MF are their existing MF that needed cap calls ???

Your potential return on investment (Cap Rate) is roughly 4-5% which doesn't take into account your mortgage on the property.