It may or may not have central air, deck, porch, etc.

Imagine trying to ask an owner permission to add on hot tub or high cost item just so you can compete.

For example my simple spruce up would be, renno bathroom, and kitchen, paint, and redo carpet upstairs.But if i think real deep into what I could do to make it a STUNNER then I think, knock down walls, create more open/broken floor plan, add central air, possibly do an addition to add a 3rd bedroom and second bath.So when you could do ANYTHING .. how do you draw the line of what you should do?

THEIR PROCESS may have been fine a year or two ago when rentals were hot.

When we wholesale in Denver metro its usually 78-80% ARV, we would only go lower if it was a slightly riskier deal (no good comps, stigmatized area, layout that might not make sense, house will be listed in the winter).Having said that our flippers are still having success with those number because of how hot the Denver area is. 

Find out what a typical nightly rate is for your area (not what air bnb charges, the actual nightly rate the owner will receive not including the cleaning fee).

(forced air, steam radiator, hot water baseboard, etc)?

I'll take my answers off the air, lol.YG

You can make minor adjustments based on the type of appliances (dishwasher, clothes washer and dryer, air conditioning, etc.) and the size of the rental.

.- I also check drains, air filters, light bulbs, Smoke/CO Detectors, and any other incorrectly functioning items.