how much LOCATION matters in determining an acceptable cap rate

[Michael Yan]

RE investment gain comes from 1)Cash flow; 2)increase in rent so that property value increase. For a very good location with potential rent increase, do you accept a zero, or even slight negative cash flow when buy into a multi-unit property, assuming all repairs/capEx are figured in?

I saw lots of posts of good deals like 10% cash to cash return, or 12% Cap rate. Can it really achievable in a very good location like city center, where there are lots of competitions and all properties are expensive.