Thank you for the insights, and broadly speaking it makes sense not to use the assessed value. As @Clint G. mentioned I was more or less thinking about this as a baseline proxy. But at the end of the day know comps, property specific criteria, etc. are more relevant for determining an estimated appraisal value.
@Account Closed
The model I'm currently building out is more to analyze just the return/breakeven on the purchase of the property from a BRRR strategy perspective - i.e. initial purchase price, cost of rehab, then refi - under base case scenario if I assume I'm able to cash refi out my initial cash investment (price of house plus rehab costs and associated refi costs), broadly speaking, I would consider that a success. I want to bifurcate between the 'BRRR strategy model' and the 'plain vanilla rental strategy model' though because if I was able to cash out refi my entire equity then my return could effectively be infinite. Then in terms of 3,5,10 years out I use my 'plain vanilla rental model' which runs what my monthly income, expenses and ultimately cash flow would be. Then I use my down pmt (post cash-out refi) as my initial investment and cash flow to determine my annual cash on cash roi, add my annual roi for equity I've built (i.e. principal paid), and lastly make an assumption for any annual property appreciation. I've glossed over quite a bit to avoid writing pages of text, but would be happy to walk through in further detail if you think there are busts in my assumptions, calculations, etc. Always open to learning.
Thank you again to everyone for the insights regarding my question!
