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.

If so, you would just add a line item in Stessa for anything that is reflected on the summary of income/expenses.

Everyone has different return metrics that they prioritize, so we focus on providing folks with all the data they need to calculate their preferred figure, while also providing the figure we think best reflects the true value of a long-term Spartan investment.

However, the past performance doesn't necessarily reflect what you will/can do.

Buy REITs when their price is down but the underlying property values are not (and then sell on the upswing when the stock price is more reflective of underlying value).