I'm not necessarily chasing the highest CAP rate.

Take a look at airbnb and vrbo and get a feel for what each market is doing and what features yield higher prices.Some things to :1. lakefront/lake nearby2.

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But that being said, I also was wrestling with the fact that cap rates are in favor of sellers right now, and it might now be as low a cap rate a year from now. sort of worrying about missing out on these crazy low cap rates.... and crazy high equity. 

This implies that they likely do not know the nuances of the local market.First I value good tenants and let my good tenants get slightly below market rent, but you asked to justify the opposite which is very easy to do.In CA, duplexes are rent controlled state wide (5% + CPI, capped at 10%). 

Can a 4plex be sold based on Cap Rate ever at all? 

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For example, if you are looking to connect with other members near you, want to learn from people in a specific area you’d like to invest in, or have a desire to find people interested in certain topics, you could use the search feature here: https://www.biggerpockets.com/search/usersI really like the alerts feature that can quickly guide you to current topics that may be of interest: http://www.biggerpockets.com/alerts

At the end of this post, you will find a heat map of Chicago Cap Rates by neighborhood.

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