Most important motivation for seller finance is tax on the cap gains.

As far as buying and holding the rent roll is decent and I’d break even every single month so not that great of a cap rate.

I'm looking for some input from locals who are familiar with apartment cap rates and can help scrutinize the deal for me.

CAP rates are higher, returns are typically higher, and risk is a little higher.

Moreover, these rents are capped at 1% of the value of the property per month.

I'd cap the weight at 60 lbs and not allow any breeds your insurance company won't cover.

Still plenty going of course in a city this size.. but its an indication they have run the small business folks out .. most of the small builders rely on HML and with sales prices so high. ( sellers want top dollar)  you have to close on the lot before you get going on permitting.. and then permiting takes 2 years you can see where you cap drag just totally eats into profits.. so the only thing to do is pay less for the dirt which most if not all sellers are not willing to do.. so you have a lot of projects making very little to no money right now. 

Lets get into the numbers: The property: 4 building 14 unit apt. asking $350,000 with 9.1 cap rate but I feel confident I could get it for less.

While prices are high, cap rates are sub 4%, one can still benefit from appreciation with longer term hold? 

Its fully rented and no foreseeable cap ex projects.