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. 

What kind of CAP rate were you looking at?

Below is breakdown:BRRRR Results will be final after I refi at end of month but plugged in initial locked in quote from lender now just need to negotiate closing costs with title company.Monthly Income:$1,425.00 Monthly Expenses:$1,172.23 Monthly Cashflow:$252.77 Pro Forma Cap Rate:6.06% NOI:$10,607.50 Time to Refinance:2 Months Cash on Cash ROI:36.69% Purchase Cap Rate:10.30% Vacancy:$78.38Repairs:$49.88CapEx:$49.88Insurance:$100.00Management:$71.25P&I:$631.19Property Taxes:$191.67Purchase Closing Costs:$3,605.00Estimated Repairs:$10,338.00Total Project Cost:$116,943.00After Repair Value:$175,000.00 Acquisition:Down Payment:$0 ($10750 surplus)Loan Amount:$113,750.00Loan Points/Fees:$4,823.00 Loan Interest Rate:14.000%Monthly Interest:$1,327.08Total Cash Needed At Purchase:$8,016.00 Refinance:Loan Amount:$121,000.00Loan Fees:$7,500.00 Amortized Over:30 years Loan Interest Rate:4.750% Monthly P&I:$631.19 Total Cash Invested:$8,266.00 Purchase Price:$103,000.00All is right in the world. 

You didn't list rent per unit.You say 119,000 gross income so we will take that and divide by 12 units = 9,916.67 per unit per year / 12 = 826.41 a month per unit.119,000 x .40 = 47,600 NOI at a 10 cap is 476,000595,000 asking is an 8 cap.

I'm curious that no-one has discussed cap rates when evaluating a deal.

What are the big risks: Risk is reflected in the cap rate or return.

The owner wants 1,191,102for those properties.Incumbency summary.Mobile home park + park owned homes are free and clear.6 unit apartment - mtg balance $36,866 @ 6%duplex - free and clear.Vacant lot - free and clear.26 SFD as follows Price Mtge bal219 N Wash40,12733,430320 Oak40,61325,590720 Picher 25,34023,120730 Picher 29,07330,324732 Moffet 27,34728,929901 Roose 112,92036,866909 Connor20,92722,253920 Jackson25,74028,6191501 Valley22,86723,4891604 Minn 26,29321,4901718 Connor43,927clear1810 Pearl 47,38048,2491820 Wall 28,08025,9631823 Redbud127,790128,046312 E 19 12,00032,466318 E 19 9,000clear1902 Kentucky17,000clear <-2br burnout. 2115 Bird 48,04042,9052124 Adele13,393clear2224 Murphy29,69322,2532302 W 4 21,28021,4532540 E 12 128,790102,5502815 E 16 59,49245,5012903 Schiff32,86725,4464309 W 27 106,81098,7935796 Harrison62,700clearTotal Incumberances - $867,735Still working on comps data right now for SFDGross Financial Summary yearlyOverall CAP 15%Gross/Net income from Mobile Home Park - $379,451 / 165,243Gross/Net income from Homes - $178,113 / $133,840Seller SummarySeller is an older Gentleman looking to sell to purchase a Motel closer to where his Son lives.