It consists of 2 - two story homes, and 2 mobile homes, all on adjacent to one another, and 1 vacant lot.I understand wholesalers try to market deals to fix and flippers/rehabbers, but what about a deal that doesn’t need any work, and cash flows well, and the cap rate is approximately a 10.

I am looking to purchase 16-32 units apartment so what cap rate do I look for ?

With HELOCs and Home Equity products, you are capped at $99,900. 

If it's over that threshold, cap it at the threshold.

Capital One Business 2% cash back (but I think there may be a cap on the total). 

If you go forward with the investment understand your cap ex will be very high and if you pay utilities, your expenses there will be high as well. 

For me, that means a double digit cap rate.

depending on area 1200 to 1700Using these hypothetical numbersmiddle of range $1500 monthly rent x 12 = $18,000 using 1/3 expenses which for a brand new build no maintenance=$12,000 annual NOI..   5 cap is break even at $240,000   so I am assuming 4 cap is the going rate for A Class Multi family to make it worthwhile to build?

Having lived in NorCal I can tell you I used to envy the cap rates people get in midwest. and then now that I've moved to the Midwest I envy all the appreciation people in California can take advantage of.

In MF if they are assuming flat or lower cap rates on exit, they are overly optimistic.