Do your underwriting and be conservative in your estimates. 

Much of this analysis is based on the size of the land, how much it will cost to do the horizontal development, and then estimate the cost of the vertical build and ultimate value (aka "sale price")

I only replace things that would make the appraised value come in at lower than my estimated value or that are likely going to stop working or cause an issue within the next 3-5 years. 

This indicates a strong market for short-term rentals.Revenue: The average revenue per available rental in Red River Gorge can be estimated using tools like AirDNA.

I'm curious if you can share a little bit more about if you have cost estimates in how much going through the eviction process was in terms of your time, legal fees, lost rent?

If I hadn’t been an expert in this market there would have been many variables I would have had to estimate which is a rookie mistake.

I am familiar with rentometer and that is where I got my approximate rent numbers from.

Economic Timing.According to data compiled by Marcus & Millichap[2], the Portland area has experienced three very important trends since 2010:The average price per unit for apartments has nearly doubledThe rate of employment growth rose from 2010 to 2015 but has since declined steadily, projected to be up 1% for 2020 (estimated before COVID-19)Roughly 30,000 apartments have been built since 2010, with another 5,600 units slated for construction in 2020Most RHA members have enjoyed a solid decade of price growth, rent growth and steady occupancy.

I think the estimates are crazy low.A $3200 rental is going to be a nice place, not something with garbage paint on the walls.

Until you learn to estimate yourself, based on your local costs, any estimate will probably be off.