You will also learn from others which operators they like or don't like, which asset classes are going well, diversification strategies, standard terms and more - and most of all you will have other like minded individuals to consult with who are on a similar journey.  

., check with the county tax assessor's office.We did something similar in Alabama last year breaking off a couple of acres from a generational family property. 

So, your competition aren't just nice new townhomes but any 2 bedroom rentals in nice condition with similar amenities.

Check the demand for single-family homes in the area and look at recent sales to see how similar properties are performing.

@Kyle JacquesI'm in the Tahoe area an it sounds like you're a similar area. 

Purchased a buildable infill lot for $10,000 in an HOA, with similar lots going for $30,000+.

Our models are very similar.

I'd love to hear any advice on how other hosts in similar situations do this!  

Comps for appraisal disputes typically need to be more similar (size, condition, bed/bath count), more recent, and /or closer in location than the comps used. 

Hopefully I can explain this well enough through typing but once your home is renovated with will go through the appraisal process and be compared to similar homes to get the value.