Then, you add on the Square Footage Cost of New Construction and compare it to what you would pay for a Heartache.

Will you be adding square footage?

He initially listed it at what he THOUGHT was market value, based on the square footage selling prices of other homes, but he clearly didn't take the vacant lots into account, nor the fact that the home is too big for the area.

@jake knight All Good points  @Jeremy Tallman I have one in Brownsburg (Hendricks County) that doubled, but another one around the corner that increased a reasonable amount - (same square footage). 

Take into account: bedroom and bathroom counts, square footage of the unit, whether parking is included, whether laundry in in-unit or not or nonexistent, central air vs. window units vs. nothing, and the general condition and age of the interior.Good luck!

Some old run down never renovated unit is NOT the same a a newer nicer unit with the same bedrooms, baths and square footage.

The square footage of the building can dictate whether or not additional residential rental units can be present.

I'd start with looking at 10 properties for rent in your market that would have the same (or very close) bed, bath, square footage, and amenities as the property you have identified.

Can you also pull enough to augment the property value...say add square footage, etc...to get the ARV up to $135Kish?

Then, the builders came from all over the country as South Tampa became the number One place in the US to buy Tear Down wooden houses to build Two Story Block houses and Townhomes, with 80% building square footage to lot size.