Note I do my underwriting with conservative numbers so I would have used $1500 rent, but seeing that the OP apparently wants to use top down f market rent

Accurate market analysis and conservative estimates are key.Underestimating Rehab Costs:Rehab costs can quickly add up.

The appraiser does not have a purchase price to reference, so they will typically be conservative.

Thus, it's not such an issue anymore the fkery those 2 do in those regards. not to mention the US going hard HARD Left with ultra lgbtqxrz15qqfsdb whatever it is this hour, reality is most of the world is rather conservative in such and does not regard drag-queen book hour with kids as anything good, so in that RU is looking more the moral high ground to most in the world now. 

The biggest mistake I made in my RE investing career early on was being so conservative that I only bought homes for cash, i.e.

@Josh Gregory I think between Ohio City and Edgewater there is still plenty of opportunities, but depending on how conservative you want to be, you may have to overpay or buy something less desirable and wait it out. 

There are a lot of owners that have great purchase prices and 3 to 4% Interest rates that bought 5, 10 or more years ago.If you want to jump into the STR market game now in competitive markets you better run your numbers conservatively and you need an appealing location and property to be competitive. 

We already have most of the 2nd down payment saved, but would like to be conservative for now and keep more in reserves.Longer-term goal: Scale steadily but conservatively.

Use the lowest ARV value to be conservative. 

I will state that refi appraisals are more conservative than purchase appraisal and not by a few percentage.