But even if the numbers looked good going in and a black swan event happened, it would take a lot to lower the value of the house below your purchase price if you are doing value-add renovations.

But not the reason to do it.Good insight here from @Michael Plaks (the Black Belt) 

I know what agents in my market have a reputation for lying or stretching the truth.The other way is you can ask for a copy of the other contract, with names blacked out.  

Hello all,Have an offmarket seller looking to get 50K on a 1950's 2/1 1000 sqf Cape Cod he's owned for 40 years (it's been vacant for last 2 years).

Hi all,Our new build will be finished in Cape Coral in a few months and I'm shopping for insurance quotes.

Purchase price: $650,000 Cash invested: $65,000 STR in Black Hawk CO

Your LO does not understand that is the issue but it is in black and white on the link I posted.

Black cabinet hardware and changing to a black sink to match the other appliances would look nice though and wouldn't cost much

Go underwrite with that and tell me how in the black you are.

I feel like everyone is stepping away from the beige and gray and gravitating towards the white walls and black trim etc