I have over 40% equity based on loan amount of $200K and general market value of the property at $400K (unsure what assessed value would be).I'm thinking I'm a candidate for PMI removal.

The tax treatment of your land sales would typically be determined based on when each parcel was sold and whether they were held for investment or business purposes.

The truth is, it’s based on a multitude of factors and ultimately comes down to what makes sense to you.

Appreciation is based on the $1M, not the $200K. 

And again, this is my market and area of town, but tenants like the character of the older home with the tall base boards, hardwood floors, arched doorways between rooms, etc.  

Do you have every potential renter complete this or only select one renter based off the pre-screening process?

Prices vary but most are 400k-1.5m ranging from 10 units to 40 units.

@Josh Mac are they wifi or cell phone based? 

You should look to have a base of cash flow before you are financially stable enough to be in low/negative cash flow markets like California.

In the meantime, offer based on what the tenants are paying now.