What Cap Rates do you go for in Philadelphia Apartments

[Nathan J.]

Hi all,

What are people seeing as cap rates in Philly (I assume 15% for maintenance, replacements reserves, and vacancies). For apartments buildings (not SFH)

I am torn between getting higher cap rates in areas like northeast philly (mayfair, holmesburg) versus much lower cap rates in cooler, appreciating areas like Kensington, Rittenhouse Square. 

Would you choose lower cap rates in appreciating areas with all the millenials moving in, or go higher cap rates in areas that you know won't really appreciate?