I believe the value is higher than it was when we bought because of the rent increases and improvements we have made, but value can be subjective depending on the metric you are using (or more specifically what metric potential buyers would use), whether or not that be using comparable sales, cap rates, cash on cash return, the 1% rule, etc... 

The cash on cash ROI and cap rates are also both too low for me.

To add to @Alina Trigub's advice, you'll either need to identify ways to add value that make the low cap rates worth it or invest out-of-state.

These areas host professional tenants who know all the rules, and when all else fails, they will create a code violation and then call the city on you and tie you up in court.Second, rising property taxes make it difficult to purchase a rental property at a reasonable cost and still have room to charge market rent and make money.

The cash on cash ROI and cap rate are both strong and satisfactory.

You are making it as difficult and expensive as possible for anyone to sue you, and most attorneys will look at a well established asset protection plan and drop the case because (A) it takes time and money to discover what is there and (B) there is a lot of uncertainty if they get a payout, or what size that payout might be.

Hi,On a 8-plex we are offering on, the seller utilized a 5% cap rate with existing NOI(30k) to arrive at 600k purchase price.

having said that, raleigh is getting difficult to find deals that provide positive numbers.

It would cap the total occupancy of any property at 24, with a limit of 2 per bedroom plus 4 to the final total.

I'm mostly worried that it would be difficult to ever fill the park out and capitalize.