Their loan to value matrices reflect this as well. https://singlefamily.fanniemae... https://sf.freddiemac.com/gene... 

Values need to be established and set to allow each land/lot phase to reflect a "fair" profit margin all the way up the "food chain" which goes from raw land to built homes.Raw Land Value, to Raw Lot Value, to Paper Lot Value, to Finished Lot Value to Finished Homes.

People have been using that term which I suppose it accurate, but it is not reflected anywhere else.It is essentially a short stay long term rental.

One of the many issues with NACA is that they have their own people do the appraisals which are skewed and not reflective of the property's actual value.

The experiences that I've had do not reflect the entire industry. 

Lets say they have a 35% expense ratio and it is being valued at a 5% cap rate, which is darn close to the average in the market....that gets it to a $3,603,600 value.I can easily get to a $5 million valuation on the 30 unit too trying to guess what the rents could be and using cap rates reflective of the market.The point here is the value is determined by actual rents, actual expenses, and in part by the potential rents and potential expenses....not guesses at what they are.

I have tried on several occasions to purchase MF properties there, but I buy on current returns, not on the returns I can get if I raise the rents, which seems to be reflected in the selling price. 

In these scenarios the opening bid will reflect the markup and the actual amount owed to the lien investor "tax certificate holder". 

It automatically adds late fees if the tenant is late, so it is reflected in their balance due. 

We price properties where we feel the MARKET is willing to pay and is reflective of our commitment to the seller.