They had an unfinished space counted as finished space increasing the size of the home by ~10%.

We own our primary home in the Portland area, and have had an STR condo in Seaside OR for 2 years.

There are new construction homes about 2-3 miles away going for 190-200,000 but I think they may be a bit larger than what I am building.

A $400,000 home should rent for $2,000 or more, and shouldn't need $600 in monthly repairs. 

You have no more at risk than you do in your own home (where you probably have more equity.) or your own car (where you probably have more risk.) and we won’t talk about if you have a pool or a dog. 

the way to go about it is turn it over to your insurance and get the police report.. sometimes insurance will then subjugate the claim and go after the tenant criminally I had that happen on one of my rentals where the tenant did 40k in malicious damage on a new construction home I purchased in MS. 

Hi Rory, Welcome Home BP!

So they price those homes at what a willing homeowner will pay for their personal residence.

The income amounts look to be long-term rental (which they are and came in 30% lower than what the STR average did) and 2. why did the appraiser look at homes 20 miles away to compare to when there are PLENTY of rentals in town...

Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice.