Sometimes they are even allowed to sell their FROR (first right of refusal) to third parties who can afford to pay low market price for the building.

@Wiley Strahan When the inventory is low.

This could be worth it and you'd place high value on Low Price/High return.Flip side of that: Nice area, good schools, good tenant pool, typically long term renter..... buy you're looking at 1100/mo for a 120-130k house.

Historically low interest rates.

What about refinancing at that higher appraised value while rates are still low and then using your extra cash to help fund your next purchase? 

Expect a tenant turn over when you push.The problem with the community is the non enforcement of community rules and a low quality tenant base that does not have  very high social standards.

For our area, market rent prices are comparatively low and don't even come close to the 1% rule  (the rent to value ratio here is often more like  .5%, causing it to negative cash flow).

Then start the hunt for a nice tri or quad you can house hack with super low owner interest occupied loan?

Is it possible to refinance at a low interest rate?

Inventory is low (less than 2 months for residential houses) and there are still multiples offer situations on well priced properties.