There's too many places to hide, pad or lie when coming up with cap rates. Can we make it do 8% on paper, sure. In reality, no. Max in reality right now is probably 6.5-7% for Edmonton and with a purchase price of only $500k you're not really buying multi-family, just a suited house. I have heard of deals on industrial or some commercial properties in Alberta which do higher rates or if you go to smaller centers you'll get up to the 8-9% cap range. That said there's some decent quality 6-8 unit properties around including some of my listings which are in the $500-700k range.
Remember, cap rates are independent on things like tenant quality, deferred maintenance and headache factor.