FWIW, I disagree with the idea that you can only value a point at what you would be willing to spend in cash. I think it is perfectly rational to value a point at whatever the going rate is, regardless whether you would pay that much for it.

If you buy a $150,000 property that later sells for $300,000, you don't say, "Well, it's only worth $150,000, because I only would have paid $150,000 for it."