If you are looking in a cookie cutter addition where every house is basically the same and all of the houses are within a few years of each other finding the market value is simple you just look at what identical properties have sold for over the past 12-24 months.Moving out of the predictable additions makes the process a little more difficult however if you are looking in areas where a majority of the the homes are being bought by owner occupants the process is still relatively simple.  

For instance, assuming you have 2 identical properties (hypothetically, but I have seen this quite often in new subdivisions where owners build the same model but some add a basement) one with basement and the other without basement.Property without basement:  3,000 square feet selling for $300K, or $100 per square foot.Property with basement:  identical 3,000 plus 1,000 basement, for a total of 4,000 selling for $450K.  

There are of course hybrid deal structures and other circumstances that make no one deal identical to the other.  

My current property has three identical floors (about 400sq. ft each), and I'm also living on one of the floors.

(b) If the records of a series are maintained in a manner so that the assets of the series can be reasonably identified by specific listing, category, type, quantity, or computational or allocational formula or procedure, including a percentage or share of any assets, or by any other method in which the identity of the assets can be objectively determined, the records are considered to satisfy the requirements of Section 10A-5A-11.02(b)(1).

@Will Barnard Thanks Will there is actually an identical thread with a lot more activity on it.

He/she protects your identity as well.Many novice investors are tempted to manage their own properties.

Looking at your county's property tax assessor's map may help, too, although to the newer real estate person all the parcels may appear identical.

Larry, very interesting post since this is almost identical to what I'm considering doing.

The note should not address these issues as it would likely duplicate the issues and if not identically addressed, could cause confusion as to any right to cure.