Here's a definition of Functional Utility I found online, but @Jon Holdman explained it well already.The ability of a property or building to be useful and to perform the function for which it is intended according to market tastes and standards; the efficiency of a building's use in terms of architectural style, design and layout, traffic patterns and the size and type of rooms.http://www.accuval.net/insights/glossary/

Also migration patterns are very important as well, which Jeff stated.

The 97 year old lady who owned the house before me loved her sponge paint pattern...

You can always tell the older homes by the diamond pattern in the concrete blocks from 1910-1930.2.Gas forced air heat Gas is common here, but some houses have baseboard heat or a few have radiant.

Is this a one piece marble sill?

If you curious about this phenomenon just take a look at housing during 1969 to about 1976 to see the patterns taking place to gain an understanding.

Flipping and land lording go hand in hand these 2 segments of this business can be nice together since often times they run opposite in cyclical growth patterns.

If you can dance around your speech patterns to convince them you are the manager, you can develop people management skills all the same.

We run into the second apprasial issue all the time, I believe FHA rules are if you sell withing 180 days a second apprasial is required (and the buyer isnt allowed to pay for it) If the house appraises you shouldnt have any trouble, there is a caviet in the rules about too many transactions or pattern of flipping in the previous year I believe, where FHA wont finance.

I'd say look to others and how they performed in your market and pattern your goals a little higher, if you miss them, you'll likely turn out to be as successful as those you follow, or better!