To be more successful, you simply have to work on the other elements to progress your REI pursuit.

Reasons that bid exceeds published judgment (amounts for these listed items get included in the lender's bid):Sheriff's cost Sheriff's poundage (a sort of commission to be paid to the sheriff based on dollar amount of highest bid)Transfer taxesProperty taxesMunicipal service liens (utilities and rental licenses for example) or delinquent amountsCode enforcement citationsRe-assessment of judgment (additional payments and interest from actual date of published judgment amount)Property preservation costs (winterizing, lawn care, board up, re-keying, etc. for a vacated property)Additional legal feesThat is not an exhaustive list - but once you start thinking of what gets included into the lender's bid, it becomes easy to see why the lender's auction bid can exceed the published debt / judgment amount. 

It is also sandwiched between 2 of the most successful restaurants on the island; connecting the parking lots and charging the neighboring businesses for after hours use could bring more revenue.I'm trying to understand what a reasonable cap rate and market price for this property would be, re-assess the risks and understand actions to mitigate those risks, and potentially explore this one further given that a strike price hasn't been met yet.thanks again for everyone's input, and appreciate any additional Erik

As far as your assessment of value, the assessed value is NOTam indicator of fair market value and in Las Vegas (Clark county) normally is off by as much as 40% or more.  

Looking to focus more on the single family and multi-family initially and then progress into the commercial side to create both passive and opportunistic income streams within this great city.

Then that person could progress into a wholesaler or save enough money to fund their own flip/rental.  

We got one duplex which was older but tons of recent updates that was assessed at 130K for 78K at an estate auction (50K of instant equity) and the rents on that 78K purchase bring in about 1400 month, getting to around a 1.75% per month rent ratio.

During this rehab/development period we also analyze the market and ensure the investor will be maximizing his/her profit by making suggestions on the progress of the property.  

They can then keep you posted about the listing as it progresses and give you the inside scoop.Good Luck, it sounds like you're on a great path so far!

To be more successful, you simply have to work on the other elements to progress your REI pursuit.