Then, gather evidence like recent sales of comparable properties to support your case.

Compare it to the area you grew up in.

The population is officially growing again, and there’s been a lot of investment in infrastructure and development in recent years, which makes it unique compared to some other Midwest markets.One thing to keep in mind, though, is that Detroit is very much a block-by-block city.

There are a lot of good meetups for real estate investors in the area that would be good to grow your network and learn from others that are and have been in your shoes as a new investor, message me and I can share on some specific monthly meetups.Also sharing some multifamily data, this is Boston proper so it has an interesting trend compared to the rest of Massachusetts.

It would be based on the scope of work of the renovation that you're doing comparing for values in its as is condition and values after rehab 

Seller is the Agent.Seller bought property in January of 2023 for $730,000Current “As Is” Value : $770,000Target Acquisition Price: $730,000-$780,000 After Repaired Value: $900,000Repair Estimate: $120,000Initial Offer Amount: $715,000Loan Program: Bank Statement Program.Total Estimated Monthly Payments (Principal, Interest, Taxes, and Insurance) $5500/month (based on $770k purchase price)Estimated Gross Yearly Income from Short Term Rental: $160,000 (65% Occupancy, $700 a night| (STR Listing Comparable properties Listing 1 Listing 2 Listing 3)Net Monthly Income after management and taxes: $11,751.25Net Monthly Income after Mortgage Payments: $6251.25 ($75,015) Per YearTotal Cash Investment: $297,000 ($177,000 in down payment and closing costs and $120,000 in repairs)Average Yearly Return on Investment: 25% yearlyAverage increase in property value per year: 5%Average increase in booking revenue per year 7.5%Property Value average after 10 years: $1.5 millionTotal Cash received over 10 years: $1.3 million.Total Equity multiple min over 10 years: 6x total return on $297,000 invested.

I often see him comment on threads where Costa Rica is mentioned saying that Costa Rica isn't a good investment compared to the investments that he does for himself and others in countries like Mexico.  

I recommend comparing lenders to make sure you get some good terms and financing options for your next investment!

The key is to compare each scenario side by side.

I know you mentioned other units are listed comparably but asking price is not the same as rented price.