Net operating income starts with achievable rent, then subtracts property tax, insurance, maintenance and vacancy, and property tax itself is calculated on 80 percent of a home's assessed value under the City of Saskatoon's system before the mill rate is applied, which is a real cost line an investor has to model.
The price side is just as property-specific. Condition, suite legality and whether the building needs near-term capital work all change what a rational buyer pays, and two Briarwood properties with similar rent rolls can land at different cap rates once real expenses are counted.
A defensible cap rate needs the property's actual numbers, not a neighbourhood average pulled from a general search. Get your hand-reviewed valuation from Joel Dyck.