Second, is customizations which are to only be applied to counteract booking trends (like no last-minute reservations).Here it is:1) Find your Booking Lead Time (BLT)2) Create your occupancy targets based on #1.

The current trend is toward first time home ownership. 

This means, the property is in great shape, (do to inspections) and guaranteed rent.2 Votes

It's a 2bd (with a large office as well), 1.5ba upscale unit in great shape, very well-maintained, and very close to bars, restaurants, and transit.

Increased rates makes it more difficult for first time buyers because 1) the financed payment goes up 2) it decreases movement which results in boomers, etc not downsizing which lowers volume on the market and helps keep the prices from falling.Other drivers for these large rent increases are the recent property appreciation (last 10 years have had huge RE appreciation) and rents lag the property value increases, the Covid eviction moratorium has identified new risk that must be reflected in the income, the continuing trend to move to high growth areas which results in a large housing shortage in these areas, the lag of new housing starts that has existed since the Great Recession.  

Let's say the duplex costs $240,000, and it's in a decent neighborhood, but it's not in perfect shape, maybe around a C+ shape.

I personally believe it's smart to get ahead of the curve of this trend before ADU's become more of the norm in AZ.

Hey Nick 👋 although I’m not an expert on both markets - based on your goal being appreciation another factor you may want to look at is migration trends.Redfin posts data on migration trends by city.

They will be able to give you insight on current trends and market conditions in your area. 

That looks like a guesstimate of 20k to me just from the shape of it and expectations of worn out mechanicals as well.