Then compare that to what you’d net by listing it as-is—factoring in the time you save and the carrying costs you avoid by not renovating.It might seem straightforward, but once you dive into the numbers, the difference between renovating versus selling as-is can be surprising.

Although the percentage of the increase is large, the determinative factors are whether the resulting rent is so great as to shock the conscience of a reasonable person and was effected for the purpose of compelling the tenant to vacate."

Investing in the market that you have knowledge of and the economic factors that support it is necessary. 

@jay hinrichs - I've noticed on turn key websites that vacancy and repairs are not factored into these 8%-10% estimated returns. 

@Mike Lambert That is highly dependent on a multitude of factors like size/luxury class/location/housing type/owner restrictions/etc.

FHA allows the construction or renovation of an ADU on the property by refinancing into a 203k loan, but the property must remain your primary residence.This stuff is subject to change, lender specific, and subject to other factors.

Obviously, two factors are responsible for what will likely be more than doubling our money in 3 years.  1.

Yes, I use Zillow reporting as a start and look at other factors.

I would factor in time to travel to any market, but AZ is relatively quick compared to the east coast. 

All of these factors/considerations impact each other to some extent and its impossible to know whats possible until everyone in the group is clear on what they need/want this to look like.Either it sounds like you're on the right path with the line of questioning.