This famous cash cow.. where are you?

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Hi everyone,

i am looking for my first investment, i can say that i have now a lot of theoretical knowledge but i need to take action now. this is what i am doing : analyzing deals in the US. 

i am surprised to see some nice multifamily ads on loopnet with good caprate ( around 11%) for small residential buildings ( around 10 units), with all units that were renovated with private boilers, meters.... and when i do my maths, on the paper everything looks great with ROI AT MORE THAT 15% using conservative 50% rule.

Then obviously the current owner is taking his profit because he did exactly what needs to be done to increase value (i guess he reads biggerpockets forums). But now i am wondering, what prevents me from buying a profitable cash flow deal ? even if i know that i am paying a markup for this asset (due to renovations), if my goal is really to get cash flow with a buy and hold, should not it be the most important?  but then i am wondering.. why these assets are not being sold? is it because people either target small multifamily (2 to 4 units) or big residential buildings? What can be wrong ?

Then, the current owner is saying that he wants to keep the property management for this building (the owner has a large portfolio of buildings in the same area). is there something bad with that? 

tks everyone 

chris