is a 7 cap the new 10 cap...

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is the real crux of cap rates it's relationship to debt rate?

I had heard from a guy I really respect several years ago to get a 10 cap. this is currently laughable in my area. it occurs to me though that that may have been back when debt rates were about 7.

so then now with debt rates at 4 or 5, is a cap of 7 or 8 the new 10?

Not for me.  I can earn 7% without tenants or toilets.  The compression of cap rates will have to stop as capital deploys and flows to easier returns.  That's the theory, anyway!  May have to shop in more affordable areas @Larry K. !