How Property Valuation is performed in Cleveland, OH

[Rich Burnside]

I'm looking at BRRRRing properties in Cleveland, OH. However, I'm concerned renovations may not materially improve the value of the home. 

While looking through the auto-generated list from my agent, I used Zillow to get an idea of how the surrounding homes are valued and to see if improvements would substantially increase the value of the home. I often saw homes that looked in decent condition, had recent updates or completely renovated, in a good neighborhood, and with a similar build year, square footage, and lot size to surrounding homes, etc. and they were valued $10k~$20k lower than the surrounding homes. That seems odd to me. I would think the properties would be closer in value to one another if they were recently renovated. So...what makes the biggest impact in a home's valuation in the Cleveland area? Is it:

• neighborhood
• interior condition (renovated or 50 years old interior)
• interior square footage
• exterior build condition
• lot size
• access to stores and main roads
• something else?

Thanks! I appreciate your feedback on this.