In commercial real estate, the property value is often based on the income approach, meaning it’s largely determined by the Net Operating Income (NOI) and the market’s cap rate.

Add in demand for the land itself, increase in the younger generation aiming for household formation, in-migration to Florida from retirees or from other relocations, and your observation is spot on.

The extraction is on large land plots, not sure of exact size but likely at least 100 times bigger than your 3 acres.  

They paid some very large overdue utility bills (the previous "property manager" pocketed the tenant's money and never paid them) *twice*, which was very costly, on top of all the work we had to do to the property that was neglected by the previous "manager," plus having not received rent for 5 months due to the previous "manager." 

Progressive is based in Mayfield Village, but since they’ve moved largely remote after COVID, I wouldn’t focus there for rental investments.If you’d like to discuss your investment goals in more detail, I’d be glad to help narrow down the best areas for your BRRR strategy.

If you expect a large tax balance this is why people rush to get it into services ASAPEdit: To also add if the taxpayer qualifies for the "STR loophole" as some call it, even if they don't have much rental income, they could use the losses produced by that STR to offset other income.

If this Cap is allowed to expire, I would think that there will be a rush to take advantage of it.That should increase demand for higher priced Homes because the Standard Deduction gets reduced significantly AND you can go way above the Standard Deduction by Itemizing the SALT Deductions.If your comps are Single Family Homes and/or small Multi-Family that can convert to an Owner Occupied (think BRRRR here), it is well should rise in value as the Federal Tax deduction lowers the monthly payments for every homeowner with a large Mortgage that also pays State and Local Taxes. too funny I had not thought of the Salt deductions in years and today it popped into my mind then you post this.. very true for high priced markets this will be a huge bene

We've debated adding a printer station to our units because it would be awesome if we were traveling to have the ability to print where we were staying. 

Under $100k places you below the median price point in every large city that I am aware of.  

Is there a large pool of renters for the type of home you're considering?