So your question should be: do I want to buy it at a 20.5% gross yield, if I can't find a buyer?

Other metrics we use in our underwriting are: gross rent multiplier, expense ratio, levered IRR, equity multiple, DCR, etc. 

So the employer does the math... pregnant employee = family leave, which may also = paid time off, and definitely = new hire, which also = new training and integration expense.

For example, they forget the snow has to be plowed in the winter, that vacancy exists, trash removal costs are a real think and my personal favorite....property management doesn't cost 5% of gross income.I would be shocked to find that a property in a decent part of Boston, or Westfield, and even most of Western MA (including Springfield) has an actual cap rate of 9-12% in this market.

In other words, the key success factor for me is that my PM maximizes my NOI, NOT my gross rents or anything else.

As I mentioned on other post once you get to a certain size having employees (yes real employees) will save you over having contractors so that helped too. 

They go down over time as a related expense to the gross in CA not up.

The country is nothing more than a giant ponzi scheme (as Pimco's Bill Gross correctly pointed out).

If you are doing small stuff forget CAP rate and ask for the gross.

Here is a quote from wiki:"In the job market, potential employees seek to sell their services to employers for some wage, or price.