Since they can't do each property individually, they use comparable sales to make broad generalizations to determine percent changes.

(Compared to the usual 30-40 year path.) do they think people with a million or millions in stock just got there?

Not as many compared to coastal towns after a Hurricane, but still some.

Leverage magnifies return. 3) The effort involved in adding an ADU is comparable or larger than a rehab associated with a BRRRR.

With good credit and a relatively low LTV, they may price comparably. 

SO many more options and the reduced responsibilites and work loads are under valued until you deal with them.. lol Also when you factor in management fees it can be quite comparable in net proceeds, without the wear and tear on the property and furnishings. 

Looking to invest with Praxis, but wanting to compare their current offering with a couple more. 

The way I see it is you're comparing two options, to HH or not to HH.

You could be in an expensive market, like LA, but you inherited a property or you got a killer wholesale deal or subject to and the numbers could be very attractive compared to buying off the MLS for full market price in the same market.

Having that been said, the barriers to entry are very low, which makes it one of the easiest countries for anyone to start doing Airbnb, when compared with other countries.