Hi Jon,
I read this article as well and was curious so I immediately went on their site to get an offer on one of our rentals and also our primary home. I was actually very impressed with the replies I received. They were very thorough and filled with great info about comps and how to improve the property's value. Here's a little bit of the email so you can get an idea. I removed our rental property address for privacy purposes:
Opinion 1:
"In current condition I estimate the home to be worth $92/ft ($125,000). Lowest recent closing is 3958 W Cholla St which closed for $97/ft. This property seems to be more updated and in better condition than (rental property). I'm estimating a $15,000 upfront renovation for kitchen counters, carpet, paint, and redoing the bathrooms to match the condition of 10853 N 42nd Ave. In that condition, the property could sell for around the same amount $100/ft plus $5,000 for the pool."
Opinion 2:
"Current Value: $119,000. Renovations suggested: $26,000.
Based on purchase price and previous condition I believe this home most resembles 12628 N Rosewood (purchased by an investor through HUD) and 11454 N 42nd Dr. Those homes are essentially original like this home. It does appear that in the 80's or 90's the kitchen cabinets were upgraded. The tile appears relatively new. While there are some upgrades to the home there are still many things that were not upgraded. The kitchen counter tops are still laminate as are the bathroom vanities. To truly get the best yield this home will need some upgrades.
I believe the way to achieved at least $162K would be to enclose the carport and create a two car garage. Update the bathrooms and kitchen as well as take the wall down between the dining room and living room. I would also suggest lifting the ceiling in the kitchen as well. Luckily, it does appear that this home had tile work done as recently as 2012. This may bode well for there being additional tile available or the fact that it will be easy to match. I would try and create a home that resembles 3749 W Mercer. Also, the home located at 12628 N Rosewood is available for $179K. If they hit this high water mark it would significantly increase the marketability of this home. "