It earns a great rate of return compared to a bank account and is fairly liquid.

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

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.

And lastly, I search FunishedFinder listings nearby, find comparable properties, and track the listed rent for a few months (does it increase, decrease?).

Today is very different as it is all about the management (and not appreciation) compared to past where management could suck but you still had superior apprecation.This will not crash housing of course but all those "creative" deals where people are paying more than market value are going to realize they have no exit. 

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

This plays into the affordability issues for tenants by allowing them to live in nicer neighborhoods for less money, yet I get monthly revenue comparable to short-term rentals.

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

Sure, it took almost 10 years to retire, but compared to the 30-40 year plan most people use it was a dream come true.

I'm struggling a bit on that comparing the passivity, appreciation, etc