After reading more on here I quickly realized I was not the first person to think of this, it is the BRRRR method.

We do have the current month to month leases so we have their very basic information but I would like more - employer, pet, vehicle info (on site shared lot), emergency contact info.

We do have the current month to month leases so we have their very basic information but I would like more - employer, pet, vehicle info (on site, shared lot), emergency contact info.

Which method results in a more meaningful returns metric?

I use what Brandon Turner calls the 'BRRR method'. 

Been at this for 18 yrs and have always taken the position:Can't trust the applicant to do this correctly and you may well get last years which is useless.I pay for the reports (cost of business) and get current data from Experian or Trans Union.I pull the CR, BG, Eviction reports ONLY after they pass muster:  Verified employment, income, prior landlord comments, so the expenses are well constrained.I also ignore the FICO score as that's the Banks view and I'm more interested in the 30,60,90 lates as that demonstrates their current habits.

@JP MosesWhat methods are you using to locate distressed properties in Memphis?  

There are many methods used to find the market value of a property.

Nick, can you expand a little more on your methods?

I typically recommend planning $200,000 to $250,000 for an ADU above a 2-car garage, but creative construction methods, owner involvement, and careful selection of finishes can help to bring that cost down.