Cap rates are compressed for larger multis.2.  

Cap rates have compressed so much on the coasts they are venturing out into markets that in the past haven't been worth looking into.We are seeing the same thing in the Midwest, low vacancy rates, low unemployment, new jobs, etc.

It would also depend on how low cap rates have been compressed in maricopa county.

Whether it is less likely for nominal prices to go down when rates go back up (anchoring) is not relevant.it only takes 3% net rental yield difference in the long run to compensate the past appreciation, and that difference may go down below 1% if rates stop going down.Looking at past periods where rates went down significantly and rental yields similarly compressed is not helping anticipate appreciation now that the rates are low.This is a long term consideration, in the short term, any markets can move up 15% just because of momentum, but I doubt you can sustain this in the next 15 years. 

The CAP rate now in the area has compressed down to 7.5.

Which brings me back to one of the points above, it's highly unlikely that someone would HAVE to move the property in a compressed time-frame to justify selling it at 80% of the value.  

To zip I right clicked on file and selected send to and choose zip compression. 

It is stabilized, the economy has recovered, and Phoenix has shown a lot of rent growth and CAP rate compression.

If you have to put 70% down in order to cash flow, you are looking at properties that are extremely highly priced and compressed cap rates. 

Sellers want to drive down that contingency period to compress the selling cycle.