If you don’t provide a refrigerator, will your competitors??

Painting the house does not give the same return as updating a kitchen, but it might improve the property over a competitors property that is for sale.ARV is what the property will sell for or what an appraiser would value the property at.  

I'd also look at competitors within a few miles radius.

The down side is my cost are higher than my competitors and margins slimmer.

It made me want to hike the price further, but I know it's fair, and I'll be getting 2%.The upside is, I was able to handpick the most qualified out of a vast pool of competitors.

When I started out as a HVAC contractor my thought was that I would set my rates lower than the competitors, and in this way I would score more work.

@John Kim if all your competitors are, yes it’s a no-brainer.

Ask for the last 3 years STR  reports (if available) to look at metrics of competitors in the same market area, from there you can look at the ADR (Average Daily Rate), Occupancy and RevPAR (revenue per available room) from similar hotels.

Offering a more unique, less obvious type of space could provide you a cutting edge over your competitors.

I have beat many a competitor to a deal when EM is normally 1k.. and I write a 10k check