You can find comparable sales in 2017 and use that dollar/acre figure to arrive at the fair market value then. 

I have found that the "value add" opportunities, with rent increases, renovations, zoning conversions, and other work needed, absolutely do take up more of your time compared to a more turnkey property - even with third party management overseeing the process. 

Question for any and all.. we have had trouble finding a real estate investor friendly CPA, one that proactively wants to help us learn and obtain all the tax rewards with real estate. 

There's a good chance it may not even appraise for what the seller is asking if the seller really is asking for that much more compared to others just for furniture. 

Though it may cash flow well based on their current debt service, when you compare the income it produces to the equity they have is it actually even a good investment for them from an ROI perspective or would they be better off liquidating and redeploying?

It's worth a conversation.IF you determine that selling is the way to go, $1M could buy you a comparable property in Scottsdale, depending on where in Scottsdale you'd like to be, and how much land you want on your lot. 

And at what nominal price compared to the $24mil they paid in 2019? 

We haven't bought anything in the past couple of years locally because the value proposition compared to what we already own just isn't there.  

Westchester, although one of the hottest markets, has a ton of upside with opportunities for both cash-flow and equity. 2-4 family properties in Westchester are the 2nd most affordable in the NYC Metropolitan area (next to Suffolk County) making it easier to find cashflow opportunities when compared to the boroughs and other suburbs like Nassau.A client of ours in Westchester recently purchased a < $800K 2-family with a detached 3-car garage which brings in additional rental income - from a local business owner with commercial vehicles.

Firstly, it often generates higher rental income compared to long-term leases, particularly in desirable locations or during peak seasons.