@Chris Levarek, the best way to determine local cap rates is to talk with local brokers.

Im trying to determine a what I should pay for a multi family property.Gross Yearly income is $62400yearly expenses are $18100fully occupied 

I recommend that you run test ads in the major paper and on Craigslist at your desired monthly lot rent to determine if there’s interest.  

@Michael Starks  Also, I would try and determine your target market.

Almost every job has stress, it's up to you to determine your tollerance and threshold.

Once you find a market analyze as many deals as possible (I recommend at least 100) and compare the yields to determine the profitability of investmentThis should be a good start for your out of state investing and also, if you ever need help analyzing deals I've built a financial model that I help investors with all the time for free.

@John Brees Depreciation is a deduction required by the IRS by owning an investment property.

I had my realtor look into any possible issues with the property and we got back the following:Final sales price will be determined by the bank.

After finding bigger pockets, I am even more determined to get this goal started.

As @Jay Hinrichs mentioned, APR, its the best way to determine what your overall costs are for that loan.