An appraiser would tend to appraise using many factors, with the neighborhood being only one of them.

Plus your properties attract quality tenants, which I think is a critical factor.

Asset choice is by far the single biggest factor to long-term success.

Larger deals are more asset based but experience becomes a factor so you will need an experienced operator on the GP side and or as a KP.A commercial loan under or near 1M is considered a small commercial loan, and I may struggle to find a loan provider.Smaller local and regional banks are great for these loans but they will be looking to you for qualification and person guaranty.

For me, the "wow" factor isn't enough motivation to do the work required to determine my exact net worth, and I honestly don't see any other reason to do it.

Look for properties that have excellent cash flow, and buy in bigger growing cities where the demand is increasing, so that you can maybe see some appreciation, but don't factor it into your calculations.  

I have many clients using the 'dscr/cash flow' loans, and for the ease of use, convenience, and other factors, the cost difference vs a Fannie loan is usually negligible in the long run. 

It appears your confusion on the 2nd place is because you're factoring in mortgage debt.

I learned about title companies minimizing their risk by not providing a policy due to a variety of factors that make them feel uncomfortable.

I want to calculate IRR while also factoring in the decreased return that will kick in about a year or so because of capital gains.