Do they use CAP rate and when? 

For strict rent control cities like Richmond CA, what’s the cap rate an investor should look for?

We waived the inspection to get this deal, but will be getting one done before we spend money on anything else as to know upfront if there are any major cap exp concerns.

I pay a fortune for water, have implemented many cost saving features... but my best was inserting a pressure regulator, (after seeing a kitchen faucet jump) Saves on the life pipes and cuts down on the amount of water released per second.

If you're paying fees to your brokerage, fees to your local board, and paying into your cap- that 15% is going to really take another chunk out of things for you it seems. 

Utilities - $300 seems fineInsurance - $100 - $150 moProperty tax - I'd say 1.25 % would be more accurateMaintenance - I'd allow $500/mo to start a cap fund for when e larger repair is neededInternet - $100 mo is what most pay for a good bandwidth.

I surely wouldn't use a direct cap model to value the building based on in-place collections during a moratorium because that reduction in income is not perpetual.

What software or who to ask for cap rate in a specific area or neighborhood for multi?

If you divide the NOI by the asking price, that is a 5% cap rate. 

With $100k of working capital your purchase price is definitely capped and while you could refinance there just isn’t a ton of equity there.