., $500k property requires ~$2500 rental income to breakeven):Unless your rent is real high, the cap ex/maintenance will be significantly higher than you estimated. 

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Most states have an annual % increase cap.

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County allows non owner-occupied, with an occupancy cap on how many nights per year.  

Please share your Cap Rate calcB.

I'm looking at several multifamily properties and I'm unclear on performing a cap rate calculation. 

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I came up with an offer price based on trying to make it fit within the cap rate percentage that I wanted. 

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