No formula can be accurate across the board because even “cookie cutter” properties next store to each other differ as to view, location to the street, topography of the land, lot size, physical condition of the property, past remodeling, quality of the mechanical systems, sunlight, utility bills, past use, etc.  

Miguel, another excellent idea.

Ottawa Hills: This is one of the higher-end areas in Toledo with excellent schools and a more established market.

Excellent! 

Very much appreciate you for sharing what you know, you make excellent points. 

The location in Linden, MI, and the property's structure offered an excellent opportunity for a significant value boost through a fix-and-flip strategy.

FYI - most states require a lease to clearly state the owner, any agent of the owner and give a physical address for rent payments.

See, a professional does not just go for eviction, no, you do BOTH actions at once of the financial side, suing for judgement, and than the eviction for physical. 

I realize that once someone creates a letter of intent they can start on the due diligence phase to learn the financials, physical, and legal but what else can I learn about a property before making an offer? 

So not hard for me to justify being a REP.Google xxx excel template to find what your looking for.