So, let's say I know the NOI of a property and want to use a cap rate to derive a value.

Invest in real estateMy choice and preference is RE, of course you can say I am bias, however, 100% of my income is derived from RE.

Cap EXappliances: 8.33$/mo Roof: 16.67$/mo Water heater: 5$/mo Driveway/Parking: 8.33$/mo flooring: 27.75$/mo structure/framing: 16.67$/mo plumbing: 8.33$/mo Components (garage doors/ect): 8.33$/mo paint: 12.5$/mo Cabinets/counters: 12.5$/mo landscaping: 8.33$/mo Total : $153.57/ MoI derived the Cap ex numbers from a BP post.

I am not sure how all the counties/states do their assessments, but in my experience, some use the market value and apply a percentage to come up with the assessed value and then they apply specific tax percentages and fees depending on that value.But, they do derive that from the market value.

Rather derived by investors based on their own observations and research on a particular area.

You can also get an appraisal to add a 216 form in the appraisal which will provide their opinion of market rent but the value will be derived from comparables.

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My advice is to look at the best performing properties on airbnb and then derive the analysis from there with a visual on the pictures as well.

Nobody counts these taxes and fees in their revenue, meaning it should not be included in the PM fee which should be exclusively derived from revenue. 

Either your income is derived from 1099 or it's not.