The property was in a great market but needed a full cosmetic rehab and basement finish to add a bedroom and increase resale value.

Even if you get a great deal that is 20% below market, appraisers will typically be anchored by the last sale price and you may be stuck not being able to pull out as much cash as you need to pay off the HELOC.

I have an off market property as a lender we are taking back and need an agent. 

But to date, I've just set my rents at a rate that accounts for me having to pay the water bill - and informed the residents that each year I'll increase the rent based upon my expenses (including water), so keeping the bill down helps me to help them.But one problem this could cause is if increasing the rent to cover the water bill then places your rent above the market rate.

You will likely need to find something off market.

I have a feeling my entire local market is going to be the same outlook to make their over value seem reasonable to themselves..Do you or they, control the future?

I tend to be partial to REIA events, which have chapters in most larger cities/markets.

Henry Washington from BP on the market podcast operates here.

I’m not familiar with those markets, but I would suggest finding some meetups and attending as many as you can.

But for the best local advice, make local connections in the market with Host groups and Rental Associations.