The reality is if the mortgage is the same as the rent, owning is costing about 35% more than renting in terms of monthly cash flow (the 50% rule subtracting PM fees (10%) and vacancies (5%)). 

I can justify the costs by subtracting from the as-is value the retail value of each of those services. 

Start with ARV, then subtract all other variables (Rehab costs, Closing costs, your profit, etc) to determine what the purchase price needs to be.The property will require Rehab, correct?  

There is more to analyzing deals than subtracting expenses from revenue.We analyze deals by location first, asset condition second, and returns last. 

That means setting up basis for depreciation is not as simple as subtracting land value from purchase price and every common area expense is split. 

So, in the end they're using costs from 18 units and subtracting it from the effective income of maybe 9 units we had last year, since most were purchased later than July of last year, with most income starting to come in November of 2014. 

The fees for the auction and the costs in litigation to get it to auction are also subtracted from the equity.

Once you find a value your comfortable with, subtract $5k and see if it still pencils.

Then subtract financing expense each month and that leaves me with my "profit".I personally don't touch my rental income, it is a separate bank account that funds itself to acquire more property as my goal right now is to build a portfolio.

The data on the MLS's can be interpreted differently by broker/agents of varying experience levels so it's important to not use a new agent especially in your complex situation.Next level up is a BPO ( brokers price opinion ).This is a more detailed report than a CMA and usually resemble closer to an appraisal with adding and subtracting features and information data to arrive at a more accurate value and selling price.