This is one of the deals I am looking at it's an 18 unit family unit apartment complex in an excellent area where the rent's similar will go for higher.Here is the deal:Asking price: 2.8 Cap Rate: 6%Avg monthly rant of all 18 rental is: $1200 * 18 = 21600 a monthYearly revenue of $259,200Vacancy: 5% (12,960 ) - I know this is lowNOI: 246,240Exp: $74,000 a  year (30% of the NOI) I know this is low as well. 

The people coming in and out of the property use it sparingly instead of living there permanently, so your Cap X are lower, and your appliances and flooring will last longer.

Anyone seeing over 8% cap rates out there for multi-plex investing? 

I'm not sure I agree with you analysis though - I think both absolute  as well as relative amounts matter in this business. absolute amount caps the expense and makes sense for more expensive rental markets, while percentage of gross makes sense in cheaper markets. 

The Cap Rates are great and property prices are very accessible. 

Don't believe the 15% cap rates they are leaving out vacancy/bad debt/high taxes/high cap expenses.

Here are my numbers...Purchase and Rehab $76KAppraised $121KMortgage $84KMonthly:Rent $1300Mortgage $475Taxes $330Insurance $60Vacancy $100 (Save for 1 month vacancy a year but do not expect it)Cap Ex $85 (Assume nothing major for at least 5 years)Maintenance $50Cash Flow $200

I would make sure you have adequate reserves (not only for PITI, but also cap-ex, maintenance, vacancy, etc.).  

MF cash flows just like any other market with cap rates at 3 to 5 . 

If you are out of state and want to invest in Vegas, you might have more success by working with a local broker or potentially syndicate with a flipper / developer, to make your 50k downpayment work harder then a sub 6% cap All the best, Stephan