For ex: I have a section 8 tenant ( one of my best tenants) who has been with me for several year, the housing authority has denied every attempt of a rent increase each year for even an amount as low as $5 ( yes $5 bucks, I was testing them).Some of the things I love about section 8:* You can use the rules to your advantage.

Hit the books for a couple weeks, took an EPA test and became a licensed HVAC technician. 

Wyoming also requires a period of time, I think it is several years as an agent before you can take the brokers test.

Is it a local investor simply testing the market to get maximum value for their baby?

The biggest flaw in my thinking that I struggle daily to change is the result of the intense training that schools gave us to trade time for money or, in other words, be an employee who makes money for other people. 

Tenant must test smoke alarms every 6 months and notify landlord of non-function. 

I have tested several property management software packages and they all lack the ability to download banking/credit card transactions to balance your accounts. 

I have a feeling you're leaving out a few major ones in your calculations.To your question on how to value a property: any formulaic way of computing value is going to be inaccurate, as even the most precise require inputs that are a little bit of guesswork (such as prevailing cap-rate for your product type in that neighborhood.)There are some often "rules of thumb" that people use, which are usually used to pass the initial "smell test", but as you will see, will only give you ballpark accuracy.In roughly increasing accuracy and precision:1) Price-Per-Door: see what other multi-family units have sold at, and divide by the number of units.

If it's on a well do a full water test, if it was built by the seller scrutinize everything, and a title search can save you alot off heartache.Oh and oh a side note one of the best home inspectors I've ever had the pleasure of working with, i met through that deal.

The next step is to BRRR one to test the waters.Good luck to you!