To reiterate, we are discussing cashflow, not CoC or cap rate. 

@Isaac S. why not just buy your own SF MF 10% ++ net caps, why make it more complicated. ?

Income properties in Utah are very high and do not make a lot of sense in terms of return on investment or Cap rate. 

Water bill, tax bill, insurance, cap ex, vacancy, property management, routine maintenance + debt service.  

You are banking 180, but that doesn't cover cap-ex.

As a part of the raise you need to ensure that you budget for cap reserve, closing costs, funding the operating account, first years insurance, utility deposits, and other contingencies.  

Some condo buildings are more financially strong with less renters, rental cap is in place and owners are not in arrear with their assessments.

There was someone who was talking on BP about a "utility cap". 

When buying retail multi tenant properties, how much should we budget for vacancy to deduct against the income when calculating the cap rate?

CAP rates on turnkey apartments are pretty well-known.