It's quite a useless metric actually.

A cap rate is non a financial metric.

I've learned some of these the hard way...real estate is passivemy way is the only profitable strategyno money down means no money neededcontractors, management companies, and residents will do things the way that I would do themgetting profitable deal flow only takes a couple of monthsprofit equals monthly cash flowturning appreciated primary residences into rentals, unaware of the capital gain exclusionthinking that a HELOC accrues interest differently than an amortizing loanthinking that ROI is still a relevant metric years after purchasewe won't buy in a stable economy but will when the economy is crashingwe are investing in "the real estate market" rather than individual propertiesoverestimating AVR and completion dates and underestimating costsi can't go to school or work and invest in real estate at the same time

Us multi guys can get pretty nerdy with metrics and stuff on ya.  

What are the metrics I'd look at to get an idea?

Return metrics, location, data for the neighborhood, tenant base, age of property, asset class. 

If you look up "Neal Bawa analyze a market" on youtube, you'll find videos of a couple presentations explaining exactly what metrics to look for and follow.

Every individual in business knows that a credit score is one of the most important metrics to success. 

If it’s a national bank forget it but if smaller and local...Research the property and the rehab costsPrepare a presentation to the bank about your skills experience and financeReach out to whoever is in charge of distressed assets and request a meetingIt’s possible they have internal metrics for veteran, community building and other loans that may give them an incentive to work with youPut together numbers that work for you—banks aren’t stupid and have their own drivers and it may get to the point where they perceive it to their advantage to get a loan off the books and back performing.

That shouldn't happen given those metrics so a 2nd market crash is on the horizon.