It is a lot! No doubt about it. The valuation depends on a lot of different factors. The age of the site, how long it's been earning, the marketplace you are selling on, the types of links that have been built to the site are just a few. But 10 to 12x is completely realistic. I just flipped a site on Empire Flippers that was link built exclusively with a PBN for 17x last month. There are people out there willing to spend that kind of money on sites that are already ranking and earning.