You will get good enough that you will be able to run these calculations in less than 2 minutes for a ballpark estimate on a house you are looking at.  

In the meantime, I am trying to better understand the Indianapolis (Fishers, Carmel) real estate market and considering getting a realtors license.In Indiana, the cost for the real estate licensing course is approximately ~$580 and an additional ~$80 annually to maintain.

Not allocating cap ex and maintenance because an item is not expected to fail soon is simply providing a misleading return estimate.  10% maintenance/cap ex ($132) is less than half of reality and maybe less than 1/3 of reality.  

We are owed approximately $2,300.00 in back rent and heating oil bills. 

We generate the leads and manager would need to convert, estimate and see it to close.  

I have been trying to estimate this for my clients, so it's great to have this to reference. 

In my workup, I estimated that a 3/2 1150sqft buildout (as an alternative) would bring around $1800-1900/month, and this property is in midcity. 

In which ways can someone new to RE discover how to estimate ARV.

You can ask your rentals for rental comps or look at rent-o-meter for estimates.

I'm a construction cost estimator building my real estate network, and want to offer my experience to the BP forums.I've spent 3 years in residential estimating and 5 years in commercial estimating.