How To Figure Property Value

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Ken McElroy's, and others, formula for figuring property value is Net Operating Income / Capitalization Rate = Property Value.  But since Cap Rate is based off of value, I keep getting a circular formula where the value according to this formula always matches the purchase price.  

How do I come up with an independent figure for value that is NOT based on the original purchase price?

@Brandon Benitz You can call few brokers in your areas to ask what’s the cap for your area. Or contact any realtors, they can help you run comparative market analysis to decide the property’s value. Or you can google “comparative market analysis” method and do the math by yourself.