Your purchase price should be a plug that you solve for to achieve your IRR, as discussed in the REPE starter kit LBO module. You imply the entry cap rate using NTM NOI — this is standard practice across all CRE, not just REPE.
Your sales value is calculated by applying your exit cap rate to NTM NOI. For this case, we make no next-buyer adjustments. In Breaking Down REPE, we do cover a more nuanced case where taxes reassess at exit. Again, it’s industry standard to cap NTM NOI.