I agree with you that using a made-up cap rate to determine value is often worthless (since it's nearly impossible to accurately assess cap rate for an area), but doing the opposite -- using value to determine cap rate (which is the same thing as cash-on-cash return for a cash purchase) -- is tremendously valuable.Why do you think figuring out cash-on-cash return a waste of time?

There's not enough background information to make an informed assessment.

Her knowledge of the SEC requirements is essential to providing quality and comprehensive documents to get started in any Real Estate Investment, including Multi-family.

I bought a duplex in December and just got a notice about the new assessed value. 

Ask them to lift the demo order once you get it inspected and assess if its still worth your time.

I spoke with a colleague today and he is assessing his finances but said he could invest 20k and possibly up to 50k!

I would not base my assessment with historic price from them. 

Fast forward a year, the master HOA served me a notice for failure to pay my assessments and they put a lien on my title and my case has been turned over to the collections attorney. 

Pick better neighborhoods to buy inDo tenant scanning prior to allowing accessDo annual assessments on the property

My current property tax rate is about 2% of the assessed value.